Financial scam attempts in Australia more than doubled during winter over the past two years, according to new data from Gen, the company behind Norton.
Gen said it blocked more than 460,000 financial scam attacks during winter months in Australia, representing a 105% increase compared to the average across the rest of the year.
The company said the activity includes cryptocurrency and investment scams that rely on trust-based tactics to convince victims an offer is legitimate. One method described in the data involves scammers compromising social media accounts and using them to promote fake investment opportunities.
Gen said that once an account is taken over, scammers may post fabricated stories, screenshots and testimonials designed to suggest the account holder has made significant profits through cryptocurrency trading, bitcoin mining or online investment schemes.
In one example cited, a compromised account shared a screenshot appearing to show a $55,000 payment deposited into a bank account, alongside messages encouraging followers to take a chance on a cryptocurrency mentor. Another example featured claims of receiving more than $52,000 from bitcoin mining, accompanied by a testimonial praising a trading coach for delivering “life-changing” returns. The email said the tagged Instagram account was still live: @tradelikechantelfx.
The email argued that these posts can be more persuasive than unsolicited emails or messages because they appear to come from someone the target already knows and trusts.
Dean Williams, principal systems engineer for Norton, said scammers are increasingly exploiting trust to build credibility and prompt engagement.
“These scams are designed to create a sense of opportunity and urgency. Cybercriminals use social engineering tactics to make social media users feel like they’re missing out on financial success and encourage them to engage with the scammer.
“Cybercriminals understand that trust is one of the most powerful tools they can exploit. When an investment opportunity appears to come from a friend, family member or trusted contact, people are far more likely to let their guard down.”
“These scams often create the illusion that ordinary Australians are making life-changing amounts of money through cryptocurrency, trading platforms or investment schemes. In reality, the social media account may have been compromised and the posts are being used to recruit new victims.”
In its key findings, Norton said financial scams increased by 105.1% during winter, and that it blocked 463,734 financial scam attempts during winter compared to a rest-of-year average of 226,070. It also said financial scams were among the fastest-growing scam categories identified in the data.
