Independent Reserve to Tighten Fraud Prevention Measures for Elderly Cryptocurrency Users

Adrian Przelozny, CEO of Australian cryptocurrency exchange Independent Reserve, said that the exchange implements stricter monitoring measures for cryptocurrency transactions by elderly customers, especially for users over the age of 80. When the exchange discovers cryptocurrency withdrawals made by older customers, they make calls to confirm those transactions to prevent fraud from occurring. Przelozny noted that based on data analysis, cryptocurrency users over the age of 65 have a high likelihood of being targeted for fraud because they are not familiar enough with the internet and technology. In order to protect these customers, Independent Reserve has a dedicated compliance department, and as soon as a suspicious transaction is detected, a team member will contact the customer to ask for details about the transaction and determine if there is a risk of fraud. Additionally, Przelozny mentions that people from low-income areas are also more likely to be targeted for fraud, as they may be more inclined to pursue quick money-making opportunities. Although certain transactions are sometimes misjudged as fraudulent, such measures are necessary to prevent more people from being scammed. According to the Australian Federal Police, AUD$382 million was lost to investment scams in 2023, with about 47% of that amount related to cryptocurrencies, showing the importance of strengthening fraud prevention measures.