North Shore Police Area Command has asked In the Cove to help raise awareness about a growing number of residents being targeted by cryptocurrency scams. These scams are not just aimed at the elderly; they are scamming people of all ages.
Police say scammers are increasingly using sophisticated tactics to trick people into transferring money through cryptocurrency platforms. Once funds are sent, they are extremely difficult, and often impossible to recover.
Authorities are urging residents across the lower north shore to stay alert and talk to family members, friends and older relatives about the risks.
Top Three Ways People Are Being Scammed
The top three ways people are being scammed
Investment scams
Scammers contact victims via social media, messaging apps or dating platforms pretending to be investment experts.
They encourage people to invest in cryptocurrency trading platforms that appear legitimate but are fake. Victims often see false “profits” on the platform and are persuaded to invest more money before discovering they cannot withdraw any funds.
Impersonation scams
Criminals pretend to be from banks, government agencies or cryptocurrency exchanges and claim a victim’s account has been compromised. They may instruct the victim to transfer their money into a “safe” crypto wallet – which is controlled by the scammer.
Online relationship scams (“pig butchering”)
Scammers build trust through weeks or months of online conversations before introducing a “great investment opportunity” in cryptocurrency. Victims are convinced to transfer money into a fake platform where the funds are ultimately stolen.
What Police Want You to Know
North Shore Police remind residents:
- Never send cryptocurrency to someone you do not know or trust.
- No legitimate organisation will ask you to transfer money to a crypto wallet to secure your funds.
- Be cautious of investment opportunities promoted on social media or messaging apps.
If you believe you have been targeted by a scam, report it to Scamwatch (www.scamwatch.gov.au) or contact your bank immediately.
North Shore Police believe community awareness is one of the most effective ways to prevent scams and are encouraging residents to share this information with friends, family and neighbours.
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