Australian Securities & Investment Commission (ASIC) has disabled 615 crypto investment scam websites in the last year as part of a broad plan against investment fraud.
A report released by the ASIC on Aug. 19 announced that it took down over 7,300 phishing and investment scam websites from July 2023 to date. This comprises 530 fictitious investment platforms, 1,065 phishing links, and 615 cryptocurrency-related scams.
Investment scams remain the top financial threat to Australians, resulting in $1.3 billion in losses in 2023. ASIC Deputy Chair Sarah Court warned that scammers are increasingly exploiting innovative technologies to target victims:
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.
The court noted that ASIC removes an average of 20 fraudulent investment websites daily. The regulator is working closely with the National Anti-Scam Centre to disrupt scam operations and share intelligence.
Warning about fake crypto news and deepfake videos
ASIC also cautioned consumers about fake news articles and deepfake videos promoting bogus investment platforms, especially on social media. The regulator emphasized that scammers use digital platforms to lure unsuspecting victims to malicious websites.
Court added:
Scammers will continue to adapt and find new ways to lure consumers, and ASIC remains proactive in detecting and disrupting investment scams
The crackdown on crypto scams is coupled with the growing fear of fraud in the sphere of digital assets. In the last few years, Australia has made progress in regulating cryptocurrencies and ensuring the safety of investors.
Moreover, new licensing requirements for crypto exchanges came into force in Australia in 2022, and the government is working on a regulatory framework for the sector. The country has already implemented two of them.
Nevertheless, ASIC urged all buyers to remain cautious against social media links promoting online trading and cryptocurrency investments. The authority continues to distribute consumer warnings and conduct targeted surveillance to counteract scam tactics in the rapidly changing crypto environment.
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