Police investigate counterfeit cash advertisements on social media
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In the digital age, where social media platforms have become the new marketplace for many, a concerning scam has surfaced that targets unsuspecting Australians.
Federal police are currently investigating a disturbing trend where criminals are brazenly advertising counterfeit cash on social media, exploiting the trust and reach of these platforms to prey on the vulnerable.
Imagine scrolling through your feed and stumbling upon an offer too good to be true: $20,000 in 'premium' fake notes in exchange for a mere $1,000 of real money.
The sellers audaciously claim their counterfeit currency can easily be passed off in everyday transactions at supermarkets, petrol stations, pubs, and even on Facebook Marketplace.
Brian Hay, the executive director of Cultural Cyber Security, shed light on the issue: 'It's easy to mock these people, but it's important to understand the underlying problem.’
‘We're going through tough times, and what we do know when we're going through tough times is that financial crime, identity crime, and cybercrime increase.'
It seems that this business model is designed to exploit the desperation of Australians struggling in the current economic climate.
However, the risks associated with this scam are immense.
Graham Cooke, Finder's head of consumer research, warned, 'Australian banknotes are very hard to counterfeit, so if you have counterfeit cash, it will be very obvious to those you're handing it over to, and you're at high risk of being caught.'
The sophistication of Australia's currency design means that fake notes are often easily identifiable by those who know what to look for.
The Australian Federal Police have noted a significant rise in counterfeit currency being offered for sale via social media.
Yet, most of the time, the fake money advertised doesn't even exist, leaving the buyer out of pocket and in possession of nothing but a promise.
The Reserve Bank of Australia advises vigilance and offers tips on how to spot counterfeit notes.
Look for security holograms, the clarity of the small text, and the distinct plastic texture with a window that is notoriously difficult to replicate. If you suspect you've come across a counterfeit note,
'If any of those things are ringing alarm bells, you can take it into your local bank, and you can hand it over to them with an amnesty and not get caught using a counterfeit note,' Cooke said.
Anyone caught buying or selling fake cash can face up to 12 years behind bars—a hefty price to pay for a moment of financial desperation.
Have you or someone you know encountered counterfeit cash or similar scams? Share your experiences in the comments below!
Federal police are currently investigating a disturbing trend where criminals are brazenly advertising counterfeit cash on social media, exploiting the trust and reach of these platforms to prey on the vulnerable.
Imagine scrolling through your feed and stumbling upon an offer too good to be true: $20,000 in 'premium' fake notes in exchange for a mere $1,000 of real money.
The sellers audaciously claim their counterfeit currency can easily be passed off in everyday transactions at supermarkets, petrol stations, pubs, and even on Facebook Marketplace.
The federal police are investigating a disturbing trend of criminals advertising counterfeit money on social media. Credit: Shutterstock
Brian Hay, the executive director of Cultural Cyber Security, shed light on the issue: 'It's easy to mock these people, but it's important to understand the underlying problem.’
‘We're going through tough times, and what we do know when we're going through tough times is that financial crime, identity crime, and cybercrime increase.'
It seems that this business model is designed to exploit the desperation of Australians struggling in the current economic climate.
However, the risks associated with this scam are immense.
Graham Cooke, Finder's head of consumer research, warned, 'Australian banknotes are very hard to counterfeit, so if you have counterfeit cash, it will be very obvious to those you're handing it over to, and you're at high risk of being caught.'
The sophistication of Australia's currency design means that fake notes are often easily identifiable by those who know what to look for.
The Australian Federal Police have noted a significant rise in counterfeit currency being offered for sale via social media.
Yet, most of the time, the fake money advertised doesn't even exist, leaving the buyer out of pocket and in possession of nothing but a promise.
The Reserve Bank of Australia advises vigilance and offers tips on how to spot counterfeit notes.
Look for security holograms, the clarity of the small text, and the distinct plastic texture with a window that is notoriously difficult to replicate. If you suspect you've come across a counterfeit note,
'If any of those things are ringing alarm bells, you can take it into your local bank, and you can hand it over to them with an amnesty and not get caught using a counterfeit note,' Cooke said.
Anyone caught buying or selling fake cash can face up to 12 years behind bars—a hefty price to pay for a moment of financial desperation.
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I wouldn't use audacious to describe the scammers claims, I think stupidity is closer to the mark.
