Blockchain Australia calls for unity against crypto scams

Australian banks, authorities and the cryptocurrency industry must unite to combat rising fraud in the digital-asset space. This was stated by Blockchain Australia chief executive Simon Callaghan during Blockchain Week in Melbourne, according to Cointelegraph.

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According to him, the association will focus on preventing crimes involving cryptocurrencies. He stressed the need to protect consumers and to work with the banking sector and the government.

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He noted that illicit activity often takes place on social networks or via telecommunications channels:

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«Crypto is either the exit point, or a secondary part of the fraud life cycle; the fraud occurs much further down the chain».

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According to the head of Blockchain Australia, only a few countries manage to cooperate effectively on this issue. However, he expressed hope that Australia could overcome this barrier and set an example for other jurisdictions.

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According to the Australian Competition and Consumer Commission, in 2022 residents of the country lost $148 million as a result of fraud schemes linked to digital assets.

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Earlier in June, the Commonwealth Bank of Australia introduced measures limiting customers’ ability to send funds to cryptocurrency exchanges. The move was explained as aimed at protecting consumers from illicit schemes.