Australians are being warned to stay alert online as new data reveals a sharp surge in financial scams this winter, with attacks more than doubling. Cybersecurity firm Gen blocked over four hundred and sixty thousand financial scam attempts during the colder months over the past two years, marking a one hundred and five per cent increase.
Scammers are increasingly hijacking social media accounts to promote fake cryptocurrency and investment opportunities.
Because these posts appear to come from a trusted friend or family member, they can be highly convincing.
Victims are lured in by fabricated testimonials and screenshots showing massive fake returns, like a 52,000 dollar bank deposit from bitcoin mining.
Dean Williams, Principal Systems Engineer for Norton, says scammers are increasingly relying on trust techniques to build credibility and encourage engagement.
“These scams are designed to create a sense of opportunity and urgency. Cybercriminals use social engineering tactics to make social media users feel like they’re missing out on financial success and encourage them to engage with the scammer.
Cybercriminals understand that trust is one of the most powerful tools they can exploit. When an investment opportunity appears to come from a friend, family member or trusted contact, people are far more likely to let their guard down.
These scams often create the illusion that ordinary Australians are making life-changing amounts of money through cryptocurrency, trading platforms or investment schemes. In reality, the social media account may have been compromised and the posts are being used to recruit new victims.”
