Independent Reserve to strengthen fraud prevention measures for elderly cryptocurrency users

Adrian Przelozny, CEO of Australian cryptocurrency exchange Independent Reserve, stated that the exchange has implemented stricter monitoring measures for cryptocurrency transactions of elderly clients, especially those aged 80 and above. When the exchange detects elderly clients withdrawing cryptocurrency, they will make a phone call to confirm these transactions to prevent fraud.

Przelozny pointed out that according to data analysis, cryptocurrency users aged 65 and above are highly likely to become targets of fraud because they are not familiar enough with the internet and technology. To protect these clients, Independent Reserve has a dedicated compliance department. Once suspicious transaction behavior is detected, team members will immediately contact the client, inquire about the transaction details, and determine whether there is a risk of fraud.

In addition, Przelozny mentioned that people from low-income areas are also more likely to become targets of fraud because they may be more inclined to pursue opportunities to make money quickly. Although some transactions may be misjudged as fraud at times, such measures are necessary to prevent more people from being deceived.

According to data from the Australian Federal Police, AUD 382 million will be lost due to investment fraud in 2023, of which about 47% is related to cryptocurrency, highlighting the importance of strengthening anti-fraud measures.