Photo credit: Karolina Kaboompics

The Australian Securities and Investments Commission (ASIC) announced today that they have taken down more than 615 crypto investment scams that “seek to swindle consumers out of their information.”

In the report published on Aug. 19, ASIC has removed 5,530 fake investment platform scams and 1,065 phishing scam hyperlinks, totaling 7,300 malicious websites taken down. The market regulator revealed that the investment scams have caused $1.3 billion in losses in 2023

Australia’s market regulator warned users to beware of fake news articles and deep fake videos that endorse online investment trading platforms. An investigation by the market regulator showed that scammers have baited users through social media platforms, directing them to scam websites.

Explaining why the ASIC is removing these malicious websites, Deputy Chair Sarah Court, said:

“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.”

As part of its core strategy to combat and disrupt investment scams, ASIC reported that they work with other government agencies and industry to coordinate scam disruption strategies through the National Anti-Scam Centre (NACS).

The market regulator claimed they “refer suspicious websites to a third-party company specializing in cybercrime detection and disruption.” After confirming that malicious activity has taken place, ASIC begins the takedown process by identifying the relevant parties who can stop the attack. 

As the scammers continue to use new methods to lure customers to their fraudulent websites, Deputy Chair Court promised that “ASIC  will remain proactive in detecting and disrupting investment scams.”

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