The Australian Securities and Investments Commission (ASIC) has shut down more than 7,300 phishing and investment scam websites, including 615 targeting cryptocurrency. The regulator noted that collaboration with other agencies and advanced detection techniques have enabled ASIC to swiftly take down scams, contributing to the $1.3 billion in financial losses reported by Australians in 2023.
615 Crypto Scam Sites Dismantled by Australian Regulator
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ASIC Takes Down 7,300 Scam Websites in Anti-Fraud Initiative
The Australian Securities and Investments Commission (ASIC) marked the first anniversary of its investment scam disruption efforts by announcing “the takedown of more than 7,300 phishing and investment scam websites that seek to swindle consumers out of their information.” ASIC stated:
Since July 2023, ASIC has coordinated the removal of over 5,530 fake investment platform scams, 1,065 phishing scam hyperlinks, and 615 cryptocurrency investment scams.
“Investment scams remain the leading type of scam impacting Australians, resulting in $1.3 billion in losses in 2023. ASIC reminds all consumers to remain vigilant to social media hyperlinks that promote online trading and cryptocurrency investments,” the Australian regulator added.
Scammers often use social media to promote fraudulent investments, leading to rapid takedown actions by ASIC. Deputy Chair Sarah Court stated, “Every day an average of 20 investment scam websites are taken down,” highlighting ASIC’s commitment to disrupting these scams.
ASIC’s collaboration with the National Anti-Scam Centre and other agencies has been crucial in quickly identifying and shutting down scam websites. The use of advanced cybercrime detection techniques has allowed ASIC to act swiftly against crypto scams, such as those promoted through fake endorsements from public figures.
The Australian regulator advises consumers to avoid sharing personal information or following investment advice from social media and to take time before making any investments if they have doubts. ASIC urges individuals to thoroughly understand the investment, research potential scam warnings, and verify the legitimacy of the person or entity. If anything seems suspicious, consumers should immediately contact their bank and report the scam to Scamwatch, a website run by the Australian Competition and Consumer Commission (ACCC). Additionally, any suspicious investment opportunities should be reported to help prevent others from falling victim to these schemes.
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