Cryptocurrency exchanges in Australia are taking preventative measures to protect their users from scams. At a panel of the fintech conference Intersekt 2023 in Melbourne, executives from major Australian crypto firms discussed the issue of scams and fraud in crypto. The firms have implemented automated and manual Anti-Money Laundering (AML) checks, investigations, education and communication to protect their users.CoinSpot AML officer Jedda Stocks-Ramsay noted that talking to customers is an effective way to break the trust between victims and scammers. He added that scammers often spend hours on the phone with victims, and a simple email from the exchange could help users to avoid this altogether.Swyftx executive Jason Titman highlighted the importance of educating users beyond just the cryptocurrency industry. He noted that often, the reason individual consumers are susceptible to being tricked into disclosing their personal data and passwords to scammers is due to lack of education.Cointree CEO Jess Renden stressed that cryptocurrency scams are “not crypto’s fault” and that crypto firms in Australia have been actively communicating with regulators and other businesses. Data from the Australian Competition and Consumer Commission shows that local people lost roughly $150 million from investments where cryptocurrency was used as the payment method in 2022, up more than 160% from 2021.

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Information	Details
Geography	Australia
Countries	🇦🇺 🇹🇭
Sentiment	neutral
Relevance Score	8
People	Jedda Stocks-Ramsay, Jess Renden, Jason Titman
Companies	Australian Competition and Consumer Commission, Swyftx, CoinSpot, Anti-Money Laundering (AML), Intersekt 2023, Cointree
Currencies	Ethereum, Australian Dollar, US Dollar, Bitcoin
Securities	None