The Australian Securities and Investments Commission (ASIC) has launched a major initiative to combat online investment scams, having removed over 7,300 scam websites in its first year of operation.
Details of ASIC's Initiative
On August 19, 2024, the Australian Securities and Investments Commission (ASIC) revealed that it has successfully dismantled 5,530 fake investment platforms, 1,065 phishing scam hyperlinks, and 615 cryptocurrency investment scams since launching its initiative in July 2023. These scams collectively resulted in an estimated $1.3 billion in losses last year, with offenders creating fake news articles and deepfake videos featuring public figures such as David Koch, Chris Hemsworth, and Nicole Kidman.
Combating Evolving Scams
ASIC has partnered with a third-party cybercrime detection firm to shut down these malicious websites. On average, ASIC manages to take down about 20 scam sites daily, leveraging rapid response strategies. Sarah Court, ASIC Deputy Chair, acknowledges that fighting scammers is akin to a never-ending battle. 'Scammers are criminals targeting the hip pockets of hard-working Australians. They use sophisticated techniques to steal information and money,' said Court. According to a Chainalysis report, scam tactics are shifting focus to centralized exchanges, representing a notable change from previous years where decentralized platforms were the primary focus.
Consumer Recommendations
ASIC continues to advise consumers to exercise caution with social media links promoting online trading and cryptocurrency investments. With the continual adaptation of scam tactics, ASIC is committed to providing advice and strategies to help protect Australians from financial losses, emphasizing the need for increased vigilance and verification of any investment-related information.
The Australian Securities and Investments Commission (ASIC) is actively combating online scams, ensuring the safety of Australians and their finances. Through quick actions, the regulator has prevented significant losses and continues to fight against new threats.
Comments