Australian Financial Watchdog Austrac, or Australian Transactions Reports and Analysis Center, said that “victims of scams, money mules and alleged delinquents” are the main users of the country’s crypto tickets. According to the Agency’s press releaseHis cryptocurrency working group has monitored the largest ATM Crypto transactions in each state and thought that many of them are linked to scams. Unfortunately, most of these transactions were linked to the victims or mules that were forced to deposit the money in the machines.
“We suspect that a large volume of ATM Crypto transactions was probably illicit, but with concern, our partners responsible for the application of laws found that almost all the transactions that we have referred involved victims rather than criminals,” said Austrac CEO, Brendan Thomas. “We came across a woman in the 1970s who had deposited more than $ 430,000 in (around US $ 280,000) in automatic crypto counters after being the victim of romans and investment scams. Tragically, she has no way of recovering this sum of money that changes life. ”
Unfortunately, the authorities also identified another victim of the same age which lost more than $ 200,000 in (almost $ 130,000). She thought she was depositing the amount of a legitimate negotiation company in the context of an investment, but rather lost everything via the cryptographic ATM.
Fraud and scams like these have been lasting for several decades now, so that traditional financial institutions now have several guarantees in place to help protect customers against them. However, as the cryptocurrency is relatively new, it has still not developed guarantees against its illegal use. Apart from that, the decentralized nature inherent in this technology means that it is difficult for nations to apply the rules on its use.
Automatic Crypto ticket distributors facilitate the converting of their money into cryptocurrency. But because it is easy to use and resembles automatic dispensers of usual tickets to which many people are used to, it also makes it easier to rip up those who are not warned in technology, thinking that they simply deposit money on a bank account.
Although it is not impossible, it is incredibly difficult to recover the money scam. Even if the transactions can be easily followed, the anonymity of the wallets makes it difficult to determine who has them. Apart from that, the victims must go through legal means to bring back the stolen money. And even if a court could order that the funds are returned, the money must be stationed on a scholarship which recognizes the law of the State which makes the order.
The growing number of incidents like this, combined with the easy availability of automatic distributors of crypto tickets, suggests that the government must respond sooner or later. The Australian government has said that it “coordinates a national prevention and education campaign”, especially since many people probably do not know online scams and cryptocurrencies. In the meantime, we will have to be vigilant against scams like this and warn people around us to be wary when someone asks them to deposit a sum of money in a cryptographic automatic counter-especially if they do not use cryptocurrencies in the first place.
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