AMANDA-JANE TURNER Cybercrime is big business, thanks to technical advancement and interconnectivity creating more opportunities. This regular column will explore various aspects of cybercrime in an easy-to-understand manner to help everyone become more cyber safe.
C O L U M N
Get-rich-quick crypto scams Ever since the invention of Bitcoin there have been people keen to get rich from the latest cryptocurrency
PROTECT YOURSELF FROM THESE SCAMS • If you are interested in investing in cryptocurrency
offerings. In pursuit of their goals they have
do your own research using trustworthy sources
developed a new type of investment scam that uses
to determine if the currency is being audited by a
get-rich-quick schemes based on cryptocurrencies
reputable company.
as bait. In one common cryptocurrency scam
• An advertisement on social media or via
criminals advertise on social media using
unsolicited email for a cryptocurrency investment
likenesses of celebrities, and claiming the celebrity’s
scheme or a new cryptocurrency using the image
endorsement of the investment company or crypto
and endorsement of a celebrity is likely to be a
trader. To convince potential victims these criminals might create websites that appear to be genuine
scam, beware! • If an offer to invest in a new cryptocurrency
investment platforms or sites that refer to a new type
appears to be too good to be true, it probably
of cryptocurrency.
is, regardless of research claims, celebrity endorsement or seemingly authentic white papers.
Another type of get-rich-quick crypto scam is referred
• Make sure the website you are visiting is
to as a ‘rug pull’ because the criminal pulls the rug
legitimate and has been created by a genuine
from under investors leaving them with useless
trader or investment expert.
crypto tokens. To do this the criminal might invent
• Beware of URLs that have been created to
a new type of cryptocurrency complete with fake
resemble genuine addresses but are operated
whitepapers, spurious research and fake celebrity
by criminals.
endorsement. They may artificially inflate the value of their currency by putting their own funds into it
In Australia report cybercrime via https://www.cyber.
and, once the currency has gained other investors,
gov.au/acsc/report. In another country, report it to
appears sound and is increasing in value, the criminal
your local police or through the relevant cybercrime
cashes out by selling their crypto tokens leaving the
reporting mechanism.
currency valueless. Fraud such as investment scams can also be These crypto investment scams are portrayed as a
reported in Australia to Scamwatch:
new and exciting use of technology that offers a large
https://www.scamwatch.gov.au/report-a-scam
return from a small investment with minimal effort. The criminals are cashing in on investors’ fear of
Cybercrime is big business – learn from the past
missing out and the temptation to get rich quick, but
and stay safe.
the only people getting rich quick from these crypto scams are the criminals.
www.linkedin.com/in/amandajane1
www.demystifycyber.com.au
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W O M E N I N S E C U R I T Y M A G A Z I N E
J A N U A RY • F E B R U A RY 2023
