Pacific Region at Risk of Crypto-Related Scams and Financial Losses

A UNODC consultant has warned the Pacific region about the risks associated with cryptocurrencies and digital assets. Dr. Jeffery Garae spoke at the Pacific Youth Digital Resilience Forum, highlighting the challenges that come with these new technologies.

Garae emphasized that while cryptocurrencies offer opportunities for faster and cheaper cross-border payments, they also create avenues for scams, fraud, and irreversible losses. He noted that blockchain transfers are secure but hard to reverse, making it difficult for users to recover their funds if something goes wrong.

The consultant warned about the dangers of anonymity in cryptocurrency transactions and the ease with which scammers can use fake endorsements, social media profiling, and personalized messages to deceive people. He urged caution in a region where several governments are still building rules for the sector.