The Australian Competition and Consumer Commission (ACCC) said losses to investors as a result of money recovery scams were rampant. These scams target investors who have already suffered losses in the scam before, with the scammers promising to help victims recover their losses after paying a fee up front. Australian investors have already lost more than $270,000 in funds recovery scams in the first four months of this year, up 301 per cent year-on-year, according to figures released by the ACCC's Scamwatch. Over the four months, the ACCC received 66 complaints of funds recovery scams, a 725 per cent jump on the previous year. Specifically, scammers contact victims out of the blue, posing as legitimate organizations such as law firms, fraud task forces, government agencies, etc., using false testimony from other victims they “helped” to defraud. In addition to the advance payment, scammers ask victims to fill out fake documents or provide ID, and may also ask for remote access to a victim's computer or smartphone. Another scam is to contact non-victims by phone or email, convince them that they have fallen for the scam, and then commit the scam on the grounds of "help". ACCC deputy chair Delia Rickard said: "Scammers will ask victims for money and personal information before offering 'help' and then disconnect all contact. If you are suddenly contacted by someone offering paid help to recover their scam losses, That's a scam. You should hang up, delete your email and stop further contact." In addition to fund recovery scams, cryptocurrency scams are also spreading in Australia. As such, the ACCC has become very vigilant and aggressively cracks down on any illegal activity related to cryptoassets. Earlier this year, the ACCC took Mark Zukerberg-led Meta Platforms to court, accusing its social media arm Facebook of allowing scammers to post fake cryptocurrency ads.