Australia Takes Trials For Combating Crypto Scams

The ACCC has started trials for automatic countermeasures service from the UK-based Netcraft.

Australia Takes Trials For Combating Crypto Scams

Australian Competition and Consumer Commission (ACCC) have started testing software, which is able to shut down deceitful websites automatically. It has already closed several of them, along with some that had to do with crypto and proved harmful.

It was reported by the ACCC that $113m was scammed from Australians last year. The test is to be conducted in cooperation with the Australian Securities and Investment Commission (ASIC). The ACCC is using a United Kingdom-based Netcraft countermeasures service which has also helped the UK's National Cyber Security Centre in a similar fashion.

Ken Gamble, executive chairman of private intelligence firm IFW Global was pleased with this idea and said this is "the best news he has heard." He also stated:

"We need law enforcement involved and collaborate with different countries […] many of these major cryptocurrency exchanges aren’t helpful with fraud investigations, making our investigations a lot harder than necessary."

Gamble said that one of the ways people are lured in is by "romance baiting". It involves people talking online, usually with a love interest who tells them they have gotten "great returns on investment" and entices them to send a small sum of money they will never be able to withdraw.

This new innovative idea will hopefully help Australia and if it works out, it could also help other countries too. CybercrimeCybercrime has become a major issue, especially in the times we live in, where almost everything is digitalized and we need proper protection from these kinds of threats.

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