Younger people trying to get ahead in a cost-of-living crisis have become the biggest losers from investment scams, which Australian Federal Police say cost $382 million in 2023-24.

More than half of the victims were aged under 50, while a similar portion of the losses – about $180 million – were in cryptocurrency, according to data compiled by the AFP-led Joint Policing Cybercrime Co-ordination Centre (JPC3), prompting a blunt plea from police.