In Africa, based on Luno data, scams are by far the leading crypto crime types with 95% of all crimes discovered in the exchange involving customers being scammed.
According to Eva Crouwel, Head of Financial Crime, Luno, crypto crime has no particular target:
“Interestingly, there is no specific demographic for victims, despite widely-held perceptions that scammers target either the ignorant elderly, or young mavericks looking to make a quick buck or previously disadvantaged users.”
– Head of Financial Crime, Luno
Here are some of Luno’s tips that users can apply to keep their crypto safe:
Use a recognised, reputable exchange as the significant investment in security will mean that your money remains safe
The weakest link is human beings. It is very rare to see actual hacking in crypto financial fraud
It is true that crypto is volatile but be aware that if something sounds too good to be true, it usually is
Treat your login information with as much respect as you do your bank login details
According to The 2020 UN Report on Trade and Development, it estimates that Africa as a whole faces illicit losses of USD 88.6 million each year.