The Australian Securities and Investments Commission (ASIC) has announced the successful shutdown of more than 7,300 scam websites in the past year as part of its intensified efforts to combat investment fraud. Among these, 615 were specifically related to cryptocurrency scams.
Since July 2023, ASIC has targeted and removed 5,530 fraudulent investment platforms, 1,065 phishing scam links, and 615 cryptocurrency scam websites. This initiative is part of a broader strategy to address the rising tide of investment scams, which remain the most prevalent type of fraud affecting Australians, leading to losses totaling $1.3 billion in 2023.
ASIC Deputy Chair Sarah Court highlighted the regulator’s commitment to combating these scams, noting that an average of 20 fraudulent investment websites are taken down daily. Court emphasized the importance of vigilance among consumers, particularly regarding social media links that promote online trading and cryptocurrency investments.
The swift action by ASIC has been bolstered by collaboration with the National Anti-Scam Centre and other agencies, which has enabled quicker identification and removal of scam websites. Advanced cybercrime detection techniques have been crucial in targeting crypto scams, including those falsely endorsed by public figures.
ASIC is urging consumers to exercise caution when dealing with online investment opportunities. The agency advises against sharing personal information or following investment advice found on social media without thorough verification. Before making any investments, consumers are encouraged to understand the investment fully, research any potential warnings, and verify the legitimacy of the person or entity offering the investment.
Should something seems suspicious, ASIC recommends immediately contacting one’s bank and reporting the scam to Scamwatch, a platform run by the Australian Competition and Consumer Commission (ACCC).
ASIC also encourages reporting any suspicious investment opportunities to help prevent others from becoming victims of these fraudulent schemes.
