November 28, 2023
5 min read

Scam Awareness Week in Australia: Protecting CryptoSpend Users

Wayex Support

Australia is a nation of innovation and forward-thinking, especially when it comes to embracing new technologies. One such technology that has gained immense popularity is cryptocurrency. As CryptoSpend users explore the world of digital assets, it's essential to stay vigilant and informed about potential scams. That's why Scam Awareness Week in Australia is so important for crypto enthusiasts.

Understanding Scam Awareness Week

Scam Awareness Week is an annual event in Australia dedicated to educating the public about various types of scams and how to protect themselves. Organised by the Australian Competition and Consumer Commission (ACCC), this initiative brings together government agencies, businesses, and community organisations to raise awareness and combat scams.

Scam Awareness Week 2023

This year, Scam Awareness Week in Australia focuses on educating the public about the latest scam tactics and prevention methods. Organised by government bodies and consumer agencies, it includes workshops, online seminars, and educational materials. Collaboration with tech companies and financial institutions was a key feature, aimed at spreading awareness and providing protective tools. The initiative emphasised reporting scams, aiming to foster a vigilant community and reduce scams' impact on individuals and the economy.

The Rise of Crypto Scams

Cryptocurrency has brought revolutionary changes to the financial landscape, offering convenience and security for transactions. However, it has also attracted the attention of scammers seeking to exploit unsuspecting users. Crypto scams come in various forms, and they continue to evolve as scammers become more sophisticated.

Common Crypto Scams

  • Phishing Scams: Scammers create fake websites and emails that mimic legitimate crypto platforms to steal users' login credentials and private keys.
  • Ponzi Schemes: Fraudulent investment schemes promise high returns but rely on new investors' money to pay previous investors, eventually collapsing.
  • Fake ICOs: Scammers promote initial coin offerings (ICOs) for non-existent or worthless tokens, convincing investors to buy them.
  • Impersonation: Scammers impersonate celebrities or influencers on social media, tricking users into sending them cryptocurrency.
  • Giveaway Scams: Fraudsters promise to double or triple the amount of cryptocurrency sent to them in a fake giveaway, only to disappear with the funds.

Stay alert for the following warning signs:

  • If an offer appears too good to be true, exercise caution as it is likely a scam.
  • Scammers often employ pressure tactics, urging you to make swift transfers or trades. Be wary of such attempts.
  • If you are requested to pay additional fees or taxes to access your own funds, it is likely a scam. These fees may include "security deposits," tier upgrade fees, service fees, or collateral fees.
  • Promises of substantial returns on small initial payments are indicative of a scam.
  • You have been the previous victim of a scam and are told you can recover all the funds you lost
  • Remember, CryptoSpend does not have representatives contacting users to initiate trades, transfers, or account creation. We will never reach out to you via social media, phone, or email asking you to create an account or transfer funds.
  • CryptoSpend does not work with any companies or platforms for investment purposes. If someone has said we are partnering with them or asked you to create an account with us to transfer funds for an investment or for any other purpose, it is a scam.

How CryptoSpend Users Can Stay Safe

CryptoSpend is a user-friendly platform that enables Australians to easily buy and spend cryptocurrencies like Bitcoin, Ethereum, and Litecoin. To ensure a secure crypto and digital experience, CryptoSpend users can take several precautions:

  • Verify the Source: Always verify the legitimacy of the platform or service you are using. Ensure it is an authorised and trusted provider like CryptoSpend.
  • Enable Two-Factor Authentication (2FA): Use 2FA wherever possible to add an extra layer of security to your accounts.
  • Be Wary of Unsolicited Messages: Avoid clicking on links or responding to unsolicited messages, especially if they promise giveaways or high returns.
  • Keep Private Keys Safe: Never share your private keys with anyone, and store them securely offline.
  • Research Before Investing: If you're considering investing in a cryptocurrency project, conduct thorough research and be cautious of promises that seem too good to be true.
  • Report Scams: If you encounter a scam or suspicious activity, report it to the relevant authorities and platforms like CryptoSpend.

CryptoSpend's Commitment to Security

CryptoSpend is dedicated to ensuring the safety and security of its users. Here are some security features and practices that CryptoSpend employs to protect its customers:

  • Encryption: CryptoSpend uses advanced encryption techniques to safeguard user data and transactions.
  • Cold Storage: The majority of crypto funds are stored in offline cold wallets, minimising the risk of online hacks.
  • Regular Audits: CryptoSpend conducts regular security audits and employs best practices to protect user assets.
  • Education: CryptoSpend provides educational resources to help users understand and mitigate risks associated with cryptocurrencies.

Do you feel like you may be a victim of a scam? Take these immediate steps:

  • Contact CryptoSpend live chat support to report the incident.
  • Refrain from making any further transactions or payments.
  • Report the incident to your bank and local law enforcement authorities.


Scam Awareness Week in Australia serves as a timely reminder for CryptoSpend users to remain vigilant and informed. By taking control of your crypto security, staying informed about the latest scams, and following best practices, you can confidently explore the world of cryptocurrencies while protecting your assets.

CryptoSpend is committed to providing a safe and secure environment for its users. Together with the efforts of Scam Awareness Week, we can create a crypto ecosystem in Australia that is resilient against scams and fraud.

Remember, in the world of cryptocurrencies, knowledge is power, and staying informed is your best defense against scams.

**All information in this article is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by CryptoSpend to invest, buy, or sell any coins, tokens, or other crypto assets. Any descriptions of CryptoSpend products or features are merely for illustrative purposes. Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. It is essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.

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On 17 April 2024, Cryptospend Pty Ltd commenced operating under the name of “Wayex”. This is a change in the business name of Cryptospend Pty Ltd and the entity remains the same. References to “Cryptospend” in the Product Disclosure Statement dated 18 October 2023 have been updated to “Wayex”.