Israel’s Crypto Scam Syndicate Targets Australians

Australians have been identified as the prime targets of a sophisticated network of cryptocurrency call-center scammers, which is alleged to be managed by Israeli criminal lords.

Information discovered during a full-scale operation on four Serbian contact centres and 11 houses by Serbian, German, Bulgarian, and Cyprus officials revealed that Australians were among the top nations targeted. The Australian reported the news on February 23. During the searches, fifteen people were detained and $1.46 million in cryptocurrency was recovered.

According to the investigation, fraudsters from these call centres reportedly exploited social media marketing to entice victims and promise attractive investment possibilities. According to private investigation organisations, Australians are especially sought after by fraudsters due to their relative riches and a rumoured history of inadequate investigative efforts by federal and state authorities.

Since many Australians are “kind” and “open-minded,” according to Mark Solomons, Senior Investigator at IFW Global, they’re more willing to explore online connections — especially “if the proper buttons are touched.” Solomons advised the Australian government to increase enforcement efforts at the state, federal, and international levels in comparison to other “well-resourced” countries in order to make targeting Australian investors less tempting to these fraudsters.

Although some publications claim that Australians lost up to $2 billion in investment scams in 2021, according to the Australian Competition and Consumer Commission’s (ACCC) Scamwatch database, Australians lost $323.7 million in 2021, which grew by a whopping 75.6% to $568.6 million in 2022.

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