Australia Lacking Education on Crypto Scams, Uni of Queensland Research Finds

Highlights:

• A study conducted by the University of Queensland underscores the pressing necessity for high-quality, online information sourced from reliable channels to educate investors about the hazards of cryptocurrency and combat the escalating crypto scams.
• The research revealed that two distinct investor groups are particularly vulnerable to crypto scams: those who face socioeconomic disadvantages and those who do not.
• Crypto scams is thriving in Australia amid information vacuum

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Research conducted by the University of Queensland (UQ) advocates a shift in educating the Australian public about cryptocurrency scams, away from individual efforts and towards leveraging “trusted independent sources.”

The study underscores that enhancing the quality of online financial education dispensed by “reliable” entities is the most potent strategy to mitigate the risks posed by crypto scams.

UQ’s research has highlighted the pervasive nature of these scams, impacting individuals across all socioeconomic strata, primarily due to decisions being made based on suboptimal information.

Study Finds Two Major Groups Vulnerable to Crypto Scams

This study involved a survey of 745 Australians who had purchased cryptocurrencies and / or non-fungible tokens (NFTs).

Associate Professor Levon Blue of UQ emphasized in a statement on Sunday that the two most vulnerable groups to crypto scams are those from socioeconomically disadvantaged backgrounds and financially literate individuals with university education. The common denominator among these groups, UQ notes, is their reliance on inadequate information when making decisions.

“The number one place people learned about cryptocurrency was social media,” Blue said.

This has proven detrimental to users who have fallen prey to scams or misleading endorsements, particularly on social media platform X.

Crypto Scams Thriving in Australia Amid Information Vacuum

This year has witnessed several prominent crypto scams involving the platform and celebrity accounts, with hackers exploiting shill meme coins often tied to Solana.

Australia boasts one of the highest cryptocurrency adoption rates globally, with this trend continuing to soar.  According to Statista, over a quarter (25.6%) of Australians own some form of crypto, positioning the country as a leader in crypto ownership among developed nations.

Given this widespread ownership, crypto scams pose a significant threat to a broad spectrum of society, with UQ’s research revealing that AUD 171million(114 million) was lost in the country last year.

“Our findings suggest that online financial education from trusted independent sources is urgently needed to help combat scams and to keep Australians and their crypto assets safe…We recommend that education about alternative forms of financial products is offered in schools, vocational settings and university,” Blue said.

Furthermore, the proliferation of technologies like AI is complicating the assessment of information quality on social media platforms.

In April, ABC Australia drew attention to the use of deepfake clips featuring renowned individuals on social media, fostering trust and prompting users to engage with platforms ostensibly endorsed by these celebrities.

Another concern is that the regulatory bodies are not helping Australians protect themselves from risk.

Late last year, The Guardian highlighted the Australian Securities and Investment Commission was often slow and had a “skill shortage” in crypto knowledge, meaning that while overseas regulators were flagging high-provide crypto initiatives as “suspected pyramid schemes,” those operations were running as legitimate and high-profile businesses in Australia.

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