The Australian Securities and Investments Commission (ASIC) has announced an extension of its efforts to combat online fraud, targeting deceptive social media advertisements and cryptocurrency-related scams.
Rise of Crypto Fraud
Crypto-related scams now make up a larger share of online fraud. ASIC flagged common ploys including fake AI-powered trading bots, fraudulent websites impersonating legitimate firms, and AI-generated deepfake celebrity endorsements. Reports indicate global losses from crypto fraud have topped $2.47 billion in the first half of 2025.
Scrutiny of Crypto ATMs
Authorities have also zeroed in on crypto ATMs, which they suspect are being misused in online scam networks. Earlier this year, AUSTRAC and the Australian Federal Police led a nationwide operation targeting ATMs linked to scams. Australia is home to the third-largest number of crypto ATMs worldwide, now nearly 2,000.
ASIC's Recommendations
ASIC urged Australians to remain skeptical of promises of AI-driven profits, celebrity-backed endorsements, and investment offers delivered via WhatsApp or Telegram. While losses are declining, regulators warn the fight against increasingly sophisticated scams is far from over.
ASIC continues to monitor new technologies and schemes to protect investors from fraudsters adapting their methods to the latest trends.
