Australian regulator shuts down 615 crypto scam sites
The Australian Securities and Investments Commission (ASIC) has successfully dismantled over 7,300 phishing and investment scam websites, including 615 specifically targeting cryptocurrency investments.
This action is part of ASIC's broader effort to combat financial fraud, which has resulted in $1.3 billion in reported losses for Australians in 2023.
Marking the first anniversary of its investment scam disruption initiative, ASIC announced the significant takedown of these fraudulent sites, which aim to deceive consumers into providing personal information or making fake investments.
Since July 2023, ASIC has been proactive in removing 5,530 fake investment platform scams, 1,065 phishing scam hyperlinks, and 615 cryptocurrency-related scams.
Investment scams have been the leading type of fraud impacting Australians, with social media often being the primary channel for promoting these deceptive schemes.
To combat this, ASIC has been collaborating with the National Anti-Scam Centre and other agencies to quickly identify and shut down these fraudulent websites.
The use of advanced cybercrime detection techniques has been pivotal in ASIC’s ability to respond swiftly, especially against crypto scams often associated with fake endorsements from public figures.
Deputy Chair Sarah Court emphasised the urgency of these actions, noting that ASIC takes down an average of 20 scam websites daily.
This aggressive approach underscores the regulator's commitment to protecting consumers from fraudulent investment schemes.
ASIC advises consumers to exercise caution when encountering investment opportunities on social media, recommending that they thoroughly research any potential investment, verify the legitimacy of the source, and avoid sharing personal information online.
If consumers suspect they have encountered a scam, they are urged to contact their bank immediately and report the incident to Scamwatch, a platform run by the Australian Competition and Consumer Commission (ACCC).
Reporting suspicious activities is crucial to preventing others from becoming victims of these schemes.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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