The Australian Securities and Investments Commission (ASIC) has shut down over 7,300 phishing and investment scam websites, including 615 that target cryptocurrency. The authority stated that coordination with other agencies and new detection procedures had allowed ASIC to quickly identify frauds, which resulted in the $1.3 billion in financial losses claimed by Australians in 2023.
ASIC Shutdown More than 7,300 Scam Websites
The Australian Securities and Investments Commission (ASIC) honored the first anniversary of its investment fraud disruption efforts by announcing “the takedown of more than 7,300 phishing and investment scam websites that seek to swindle consumers out of their information.” The commission stated.
Moreover, it said in a statement that it had succeeded in taking down over 5,530 fake investment platform scams, 1,065 phishing scam hyperlinks, and 615 cryptocurrency investment scams. since its launch in July 2023. Additionally, the regulators reminded the public that investment scams remain the leading type of fraud that has affected Australians, leading to a cumulative loss of about $1.3 billion in 2023. The agency advised users to be mindful of URLs that promote online investments including cryptocurrencies.
Scam websites have been swiftly identified and taken down thanks to ASIC’s cooperation with the National Anti-Scam Centre and other organizations. Modern cybercrime detection methods have made it possible for ASIC to respond quickly to cryptocurrency scams, even ones that are pushed by fictitious celebrity endorsements.
The Australian regulator urges customers to avoid sharing personal information or following investment advice on social media and to exercise caution before making any investments if they have any questions. ASIC advises individuals to thoroughly comprehend the investment, look into any scam warnings, and confirm the integrity of the person or entity.
Ultimately, consumers are advised to report any suspicious activity to Scamwatch, a website maintained by the Australian Competition and Consumer Commission (ACCC), as well as their bank right away. It is also important to report any dubious investment possibilities to stop other people from becoming victims of these scams.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.