Older Australians have been having not so great of a time getting duped in crypto scams for an almost collective AUD$242.5m in 2022 so far. Most of the scams were romance baiting scams to classic Ponzi schemes and cryptocurrency scams. The Australian government is trying to create safeguards in how money is transferred between entities in order to KYC potential scammers, but it is going to be an uphill battle to get that implemented.
I know this is the same old tale of being cautious in the crypto world. Older generations are far more susceptible to these scams, but they are not the only ones. Everyone can and has been duped and we have to stay vigilant at all times. “Too good to be true” is absolutely applied here and if you see something that just doesn’t fit, walk away. It’s better to be safe than take the chance of losing all your money. There will be plenty of chances to get in on something great that’s also legit!