Blockchain Australia Urges to Collaborate Against Cryptocurrency Scammers
Simon Callaghan, the head of Blockchain Australia, has expressed the need for collaboration between Australian banking authorities, the crypto industry, and the government, in order to protect consumers from the rapidly growing issue of fraudulent digital asset schemes.
He has highlighted the importance of taking measures to combat such illicit activity, which he claims presents itself through social media sites and telecommunication channels.
Callaghan has also noted his belief that Australia could lead the way in successful partnership between these respective parties by providing an example for other jurisdictions, although few such partnerships exist currently.
According to the Commission for Competition and Consumer Protection in Australia, in the year 2022, local residents lost approximately $148 million due to scams involving digital assets.
In June of the same year, the Commonwealth Bank of Australia instituted measures in order to curb the ability of customers to send funds to cryptocurrency exchanges, in an effort to aid consumer protection from such fraudulent schemes.
