The Australian Securities and Investments Commission just wrapped up a massive online fraud sweep, taking down more than 7,300 scam websites. Among them are serious crypto-focused scams running the count up to 615.
If you think that sounds like a lot, you’re right—these sites have been wreaking havoc to the tune of more than $1.3 billion in losses reported by Aussies in 2023 alone.
ASIC Celebrates One Year of Scam Busters with a Bang
ASIC has achieved a large milestone—one year since the anti-scam initiative. They have already closed more than 5,500 fake investment platforms, 1,065 phishing links, and the 615 crypto scam sites within the past year. If you’ve ever thought to throw your money into an online investment or played with crypto, ASIC’s latest move serves to give a good reminder: keep your wits about you.
Investment scams are still the biggest threat to Aussie wallets. In very simple terms, scammers are getting smarter and more astute.
ASIC wants you to be extra vigilant, especially with those flashy social media links promising big returns on crypto investments.
The advice? Be wary of offers that seem too good to be true.
“Investment scams are a serious issue, and we’re on it,” says ASIC. “Always be cautious with social media links and posts that sound too good to be true.”
Scammers just love social media because it is a real playground for contacting many people quickly.
ASIC has responded impressively, with the shutting down of an average of 20 scam websites every day. According to ASIC’s Deputy Chair, Sarah Court, “We’re using state-of-the-art cybercrime detection tools and collaborating with the National Anti-Scam Centre and others to ensure we stay ahead of these scammers.”
The Regulator’s Collaboration with Agencies has turned out to be really helpful.
They’re quick on the draw, especially where some fake celebrity endorsements or another high-profile figure is involved in luring investors.
