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Sean Camara

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Don't click on that Facebook ad! 69-year-old cancer sufferer loses $350,000 to a “celebrity” cryptocurrency scam

These days, it seems like scams are everywhere. You can't turn on the news or open your email without being bombarded by stories of people being cheated out of their life savings. And unfortunately, it's only getting worse.

Scammers are constantly evolving, finding new ways to target unsuspecting victims. And one of the latest trends is victimizing people who are looking for investment opportunities.

Such has been the unfortunate case of Brisbane grandfather and cancer patient Phillip Savage who fell victim to a sophisticated scam involving a seemingly legitimate online investment venture.



The 69-year-old, who has lost a lung from battling liver cancer, said that he had lost $350,000 worth of life savings after scammers tricked him into "investing" in a cryptocurrency scheme.

For our members who are not aware of what cryptocurrency is, it is a form of digital or virtual money that uses encryption — the process of transforming data and information into code — to protect it, making it nearly impossible to counterfeit or double spend.

Unlike other currencies that are governed by the banks of the countries that issue them, cryptocurrency is managed by decentralised systems without any significant government or bank oversight.

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69-year-old cancer sufferer Phillip Savage lost $350,000 worth of life savings after falling victim to a sophisticated scam. Credit: A Current Affair/Nine.

Mr Savage recalled that he was simply scrolling through Facebook when he stumbled upon an advertisement featuring a fake celebrity endorsement.

He shared that he immediately received a phone call after he clicked on the ad.

"They were bringing up ideas and money numbers which mesmerised me - I thought well, these guys sound pretty good," the 69-year-old said.

"It shattered my life. It was money that I had set aside for my grandchildren."



Mr Savage made modest initial investments, but he kept falling for tricks after the cunning con artists showed him bogus returns, leading him to make larger investments.

He said that he had lost any hope of ever retrieving the money.

In 2021, losses from cryptocurrency investment scams in Australia almost tripled, increasing by 270% to $99 million, with 4,730 rackets reported, according to a study issued by the Australian Competition and Consumer Commission (ACCC) this week.

"These scams generally involve scammers setting up fake investment and cryptocurrency trading platforms, sometimes impersonating legitimate, well-known websites, to steal money from people looking to invest in cryptocurrency," the report read.

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Scammers are taking advantage of the popularity of cryptocurrency investments to trick unsuspecting people who are looking for other sources of income. Credit: Shutterstock/TY Lim.

While cryptocurrency investment is becoming a popular (and in some cases, possibly legitimate) source of income for many people, scammers are taking advantage of its popularity to commit fraud to unsuspecting people who are just looking for ways to earn more money.

The ACCC also noted that not all people are knowledgeable on cryptocurrency transactions — which are more difficult to track than standard bank account transfers — so it is easier to fall victim to this scheme.

Delia Rickard, ACCC deputy chair, said: "Urgent work is needed to combat cryptocurrency investment scams."

Sadly, this is also not the first time we reported an incident like this. Earlier this year, we shared the story of a Sydney woman who has also fallen to a similar scam after clicking on an advert, promoting a seemingly legitimate cryptocurrency investment scheme.



According to Chris Goldsmid, the acting assistant commissioner for cyber command of the Australian Federal Police, cryptocurrency scammers frequently participate in money-laundering operations.

He said: "We certainly see cryptocurrency as an emerging threat."

"We see it as a laundering mechanism where the criminals will steal money and then move it into cryptocurrency to facilitate the laundering process."

Last year, the biggest losses were reported by people over 65. The older age group was said to account for 27.3% of fraud losses, with reports suggesting that fraudsters are taking advantage of the older Aussie’s lack of understanding of the new technology.

Stay safe out there, folks! We recommend tuning into the Scam Watch section of the SDC website to stay on top of the latest scamming tactics and learn how you can avoid falling victim to them.
 
While I certainly feel for these people who are getting scammed out of their life savings I can't help but think it's their fault for looking for a quick or higher return on their money. Unfortunately these scammers will prey on peoples love for getting something for nothing or a quick return of fantastic value. Very few people are content with their lot in life and therefore immune to these offers.:(
 
Time Facebook was brought to account, they are receiving money from these scams and are as liable as the scammers themselves, Facebook should be forced by law to recover or replace lost monies, it is as dirty as the scammers and of similar criminal lack of integrity
 
I am 82 and have a wonderful wife and family who ensure that I do nothing silly. My wife watches our credit card expenditure and my daughter ensures that I know ????? what I am doing if I want to buy on line - which I don't, so while I feel for my fellow " oldie ", be careful of these scum bags, have a member of your family check what you are doing when it comes to finances, particularly on the internet.
 
Time Facebook was brought to account, they are receiving money from these scams and are as liable as the scammers themselves, Facebook should be forced by law to recover or replace lost monies, it is as dirty as the scammers and of similar criminal lack of integrity
I was going to say the same. There are many of these kind of posts on FB. Someone ? Should stop it!
 
As long as there are people who want fast and "easy" money, there will be scams!
Age may be a factor. I am 73 and I trust none of these "get rich quick" morons.
Honestly, does anyone really believe that millions of dollars are going to fall off a tree and into their Bank account?........
 
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If you want to buy cryptocurrency you need Dollars and Cents, if you want to sell cryptocurrency then you sell it for Dollars and Cents. So what actual use is cryptocurrency to ANY average person ? The scammers dont want cryptocurrency, they want actual Dollars and Cents..... Surely that should tell you something....
 
Coulda fooled me ... I thought that most people had heard by now that pretty much anything to do with cryptocurrency or bitcoin or any of the other like-named get-rich-quick schemes carried an enormous amount of risk, with the chances of getting your money back if the schemes go belly up or are a dead-set scam at just about zero, but apparently there are still members of the population who haven't.
 
If you want to stay sane, KNOW your friends, work for a living & save what you can, you will Always have the first wage you ever earned, your friends & enough for food, bedding & your respect. Why do you want to waste time in making money that is "a chance" when you can do something more practical with your time in doing something for others that you like doing.? A pile of money is a headache because when you get it you get bamboozled what to do with it. SOME might like the headache but remember "you can't take it with you." If the truth be known we only want what can make us comfortable, to pay our way in life plus a few extras to help others. Many have this persistent ache after every Lotto draw they'll win it next week, & so on. They plan, promise etc what they would do, BUT rarely IF they win do they follow the pattern of not being greedy. They get carried away & in no time it's gone to the wind. The time they spend wishing to catch up with"living the plastic high life", the deeper their health suffers.........wishing. Yes of COURSE there are people who COULD handle the big win, but most are way out of their depth. Believe me, I have seen it all. Good luck if someone wins big, BUT, please do not depend on gambling to make you rich. It IS habitual so you will not stop. You're living in a dream world.
 
Watch out for fake accounts.

Recently I received a bill from a company I'd never heard of (Prezzie), and when I phoned them to query this, I was switched through to someone with a very strong Indian accent.
He asked a few questions about my bank account and internet address, presumably to cancel the bill.

After a lot of unnecessary questions, I checked my bank account on line, and 2 years of savings from my pension had gone! Also a much smaller sum from another bank account was accessed through my mobile phone.

A program had been inserted into both my phone and computer, giving these guys full access to my accounts.

I was preparing for a trip to Manila, and with zero funds, the bank allowed me to overdraw and friends came up with some cash, and I was able to have my trip.

I reported this theft/scam to the local police station, but was told that they did not handle fraud, and was given a phone number to contact. All I got was a message telling me that the number was no longer available.

Another company has contacted me and guaranteed that they can locate the recipient of my funds and return it for a 15% fee. I'm being very careful with this one!

A. nony. mous
Gold Coast
 
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gee wizz aren,t i lucky !!!!!!!!!!!!!! once again never click on a link from banks govt super etc . always call first if in doubt !!!!!!!!!!!!!!
 

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