The Australian Securities and Investments Commission (ASIC) has intensified its fight against online scams, dismantling over 14,000 fraudulent websites since July 2023, more than 3,000 of which were linked to cryptocurrency.
ASIC Finds Tons of Crypto-Linked Scams
Since launching its disruption operation in mid-2023, ASIC has averaged more than 130 scam website takedowns per week. A large share of these involve crypto fraud, ranging from fake trading bots promising unrealistic profits to websites impersonating legitimate exchanges. Other schemes include hoax articles featuring AI-generated celebrity endorsements to add false credibility. ASIC has also flagged the growing use of deepfakes and AI-generated content, which makes it increasingly difficult for ordinary users to detect fraud.
Crypto ATMs Under Increased Scrutiny
Australia is also intensifying its focus on crypto ATMs, which have been linked to online fraud and pig-butchering schemes. The country ranks third globally for crypto ATM installations with nearly 2,000 machines. In June, AUSTRAC — Australia’s financial intelligence agency — imposed new rules and transaction limits for ATM operators to curb abuse. ReportCyber logged 150 scam cases involving crypto ATMs between January 2024 and January 2025, with losses exceeding $2 million.
Tips for Preventing Scams
Authorities continue to urge Australians to treat celebrity endorsements, AI-generated investment promises, and unsolicited offers on messaging apps with extreme caution. These warning measures aim to reduce losses from investment scams, which remain the largest contributor to financial losses in Australia.
Thus, ASIC continues to expand its actions against online fraud, particularly related to cryptocurrency, urging users to remain vigilant in preventing financial losses.
