Israel Crypto Scamming Network Targets Aussies
A network of crypto investment scammers operating in Israel is targeting Australians, investigations have revealed. It is an organised network that works as a call centre. The scammers used social media ads, showing lucrative profits to target potential victims.
Authorities uncovered Israel crypto scammers
Authorities from four countries were involved in an investigation to uncover a global network of cryptocurrency scammers. The countries involved include Germany, Serbia, Bulgaria, and Cyprus.
According to a The Australian report, the authorities raided four call centres in Serbia. In addition, they searched around 11 residential addresses, arrested 15 suspects, and officers recovered around $1.46 million worth of digital assets. The country is trying to strengthen its crypto regulations.
Further investigation revealed that the network was operating through Israel and the main targets for this network were Australians. Inadequate investigations allowed scammers to target Aussies The Australian report also disclosed that inadequate investigative measures for online fraud in the country have allowed scammers to target their citizens.
Australia is a wealthy country with no federal authority to prevent such scams, which gives an open chance of fraud and those intent on scamming victims.
IFW Global’s Senior Investigator, Mark Solomon, explained that, in general, Australians are "open-minded" and "friendly" people. That's why they are more open to online relationships. Hence, if bad actors use the right strategy, they can easily be persuaded.
Solomons also said Israeli crypto fraudsters spend the stolen money on their lavish lifestyles. He mentioned that these individuals are flying private jets, own fancy cars, and have investments in real estate. Meanwhile, they maintain their lifestyle by "sucking" savings out of the Australian economy.
Investment scams in Australia
In 2021, ACCC reported that citizens lost more than $2 billion through investment scams. According to Scamwatch, the country lost over $568.6 million through such scams.
Author: Wasay Ali
Wasay Ali is a versatile professional writer with global experience and a background in mechanical engineering and social science. He is adept at crafting news and informational content for the crypto space and has experience writing for other niches. He is a professional SEO content writer who has worked with several digital marketing agencies and clients in the US, UK, Pakistan, and Europe. He is a dedicated volunteer and enjoys reading, writing, poetry, and going to the gym. He is an INFJ-A personality type dedicated to positively impacting the world. Wasay has a passion for writing as it allows him to express his creativity, share his knowledge, and connect with people worldwide.