Victoria police issue cybercrime alert after costly phishing scam

A Victoria resident is out $49,999 after being lured into a fraudster’s phishing scam.

Victoria police are advising people pay close attention to similar scams after this costly mistake.

According to investigators, the victim received an email from fraudsters posing as PayPal. The seemingly innocent email claimed the victim owed $499 and included a phone number to call.

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After making the call, the fraudsters convinced the victim that nearly $50,000 was owed. While financial institutions have security measures in place to help people avoid these kinds of situations, the fraudsters managed to convince the victim to falsely report the ensuing withdrawal as money for a property purchase.

The victim then followed further instructions to deposit the money at Bitcoin ATMs scattered across Victoria. After the deposits, they figured out what happened. Although a police report was made shortly after, it isn’t likely the victim will get any of their cash back.

VicPD suggests staying informed and aware to protect against phishing scams and other cybercrimes.

Their advice includes avoiding financial demands from those you don’t know, as well as requests to deposit cash into a Bitcoin ATM.

Police say phishing scams are becoming more and more common, and this form of cybercrime often uses technology and intimidation to overwhelm victims.

According to a 2021 report from the Canadian Anti-Fraud Centre, a total of $379 million was lost in fraud cases. It notes the use of cryptocurrency like Bitcoin shot up by 238 per cent from 2020 to 2021.