How to Beat Crypto Scams and Gain Trust of Victims?
Crypto Firms Taking Measures Against Scams Cryptocurrency exchanges in Australia have been ramping up communication with their users in an effort to prevent scams. Local crypto firms have noted that this kind of communication is an effective way to break trust between victims and scammers. At the Intersekt 2023 fintech conference in Melbourne, executives from…
Crypto Firms Taking Measures Against Scams
Cryptocurrency exchanges in Australia have been ramping up communication with their users in an effort to prevent scams. Local crypto firms have noted that this kind of communication is an effective way to break trust between victims and scammers.
At the Intersekt 2023 fintech conference in Melbourne, executives from major Australian crypto firms such as Cointree, CoinSpot and Swyftx discussed the issue of crypto fraud.
The panelists discussed a variety of measures taken by the platforms to protect users from fraud, including automated and manual Anti-Money Laundering (AML) checks, investigations, education and communication. CoinSpot’s AML officer Jedda Stocks-Ramsay shared that the firm has been particularly focused on “just talking” to its customers, as they have found it to be very effective.
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Cryptocurrency: Understanding the Basics
“We find that we’ll speak to our customers at least once over the course of their life or the course of their life on their account with us,” Stocks-Ramsay stated. He noted that discussing cryptocurrency scams is the key factor because there’s a social engineering aspect to that.
CoinSpot has been particularly focused on helping customers understand the issue of trust that scammers attempt to build with their victims, Stocks-Ramsay said. The exec stressed that scammers often spend hours on the phone with victims, and a simple email from the exchange could help users avoid this altogether. He added:
Alongside communication, education is another important component of protecting crypto users, Swyftx executive Jason Titman noted. He stressed that often, the reason why individual consumers are susceptible to being tricked into disclosing their personal data and passwords to scammers is due to a lack of knowledge about crypto.com and other crypto websites such as the complete web developer course 3.0, best crypto websites, ach crypto, crypto coin, best crypto, crypto.com coin, crypto., cardano crypto, and fantom crypto.
“It’s always been important because, as this is a new asset class, we’ve been educating our customers, particularly something that’s very relevant and important,” he noted.
Crypto Scams in Australia
The panel speakers also emphasized the importance of educating users beyond the cryptocurrency industry. Stocks-Ramsay pointed out that many other industries are involved in crypto scams, such as social media, banks, telecoms and others. Cointree CEO Jess Renden agreed and stated that crypto scams are “not crypto’s fault”. Crypto firms in Australia have been actively communicating with regulators and other businesses, including telcos and social media platforms.
The news comes a few months after Australia’s major banks argued that 40% of scams involve cryptocurrency in order to defend the decisions of certain local banks that restricted some crypto transactions over scams in early June 2023.
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Cryptocurrency Investment Losses on the Rise
According to the Australian Competition and Consumer Commission, Australians lost approximately $150 million in investments involving cryptocurrency as a payment method in 2022, a 160% increase from the previous year.
Additional reporting by Cointelegraph author Tom Mitchelhill.
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