Scams and other cyber threats running rampant amid the COVID-19 pandemic as individuals stay at home, and Queenslanders are the latest victims.

The Australian Security and Investment Commission (ASIC) confirmed a 20% increase in reported cryptocurrency scams from March to May 2020, compared to the same period last year.

Scammers have continued targeting individuals and businesses in recent months – with the police revealing that some victims in Queensland had lost hundreds of thousands of dollars as a result of cryptocurrency-related fraud, according to 4bc.com.au.

Investigators from the Financial and Cyber Crime Group have dealt with more than 70 complaints from victims over the last six months.

The police warned Queenslanders that the scammers create fake profiles on dating sites or social media platforms to target potential victims. After building a relationship, they will often mention an investment opportunity in cryptocurrency.