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Crypto platforms a ‘getaway’ for half of scam proceeds

Lucas Baird and Jonathan Shapiro

Aug 14, 2023 – 5.00am

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Key Points

Why it matters: Consumers lost over $38 million to scams in the month of June.
Now, the AFX says half of that money is washed through cryptocurrency exchanges.
It says this funds crime organisations to facilitate their activities.
But banks are now taking steps to limit transfers to “high-risk” exchanges.

Half of all proceeds from fraud and financial scams in Australia are being washed through cryptocurrency platforms, according to data from the Australian Financial Crimes Exchange.

The not-for-profit group said data from its members, which include the big four banks, revealed that 47 per cent of scam funds were sent to accounts associated with cryptocurrency exchanges in the last 30 days of the financial year.