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Simon Callaghan, the new CEO of Blockchain Australia, encourages all related crypto parties to band together to tackle the increasing number of cryptocurrency scams the industry is facing.
Callaghan addressed the issue at the Australian Blockchain Week conference, saying that banks in the country, the government, and players in the crypto space should work with a unified effort to beat scams in the space. He noted that the association will be focused on helping reduce and prevent scams in crypto to protect users in the industry. He stated:
“We’re going to have to work with the banking sector. We’re going to have to work with the government.”
Blockchain Week Day 5 in Melbourne has kicked off with @MikeBacina, Chair – Blockchain Australia. #BW2023 pic.twitter.com/sfD53BJyQJ
— Blockchain Australia (@BlockchainAUS) June 29, 2023
Looking out for crypto scams
Callaghan stated that cryptocurrency scams frequently occur on social media platforms and through digital communication channels, with malicious entities targeting individuals. The way to combat this, according to the Blockchain Australia CEO, is to mitigate scams by restricting them from happening at the start of their “lifecycle”. He noted:
“Crypto is either an exit point or minor piece in the lifecycle of the scam, the scam happens much further up the chain.”
Cryptocurrency scams in Australia
Scams related to cryptocurrency and digital assets have become a major issue in the country in the last few months. It’s become such a worry for banks and platforms that two of the largest banks in the country have issued bans on certain payments made to cryptocurrency exchanges.
As a result, authorities and financial protectors are considering ways to address the rising concerns. The country’s consumer authority, the Australian Competition and Consumer Commission (ACCC) will open its Anti-Scam centre at the beginning of July According to the ACCC, expertise and resources will be put towards reducing scammers from making that first point of contact with users. The watchdog will also be raising awareness with consumer protection initiatives to teach investors and users what to look out for to avoid crypto scams.