As it marks the first-year anniversary of investment scam disruption, ASIC announced today the takedown of more than 7,300 phishing and investment scam websites that seek to swindle consumers out of their information.
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.
Today’s announcement follows ASIC’s warning about fake news articles and deepfake videos of public figures that endorse online investment trading platform scams, particularly on social media. Investment trading platform scams accounts for the largest component of ASIC’S website takedowns.
Scammers use digital platforms, including social media, to lure unsuspecting consumers, directing them to scam websites. Shutting down these websites disrupts the transmission of the scam and breaks the link between scammers and their potential targets.
Deputy Chair Sarah Court said: ‘Australians are still losing billions of dollars each year to scams. Scammers are criminals targeting the hip pockets of hard-working Australians – they don’t discriminate, and they use sophisticated techniques to steal information and money.
‘The scams landscape is rapidly evolving. Innovative technology developments may improve how we live and work, however they also provide new opportunities for scammers to exploit.
‘Every day an average of 20 investment scam websites are taken down. The quick removal of malicious websites is an important step to stop criminal scammers from causing further harm to Australians.
‘Scammers will continue to adapt and find new ways to lure consumers, and ASIC remains proactive in detecting and disrupting investment scams,’ Ms Court added.
ASIC regularly issues consumer warnings and conducts targeted surveillance to combat scams. Its close partnership with the National Anti-Scam Centre has included sharing data and intelligence and implementing disruption action as demonstrated by the recent investment scam fusion cell. ASIC is working with the National Anti-Scam Centre to make Australia a harder target for scammers.
