The Australian Securities and Investment Commission (ASIC) warns of widespread investment scams on the Internet, including those related to cryptocurrencies.
In a new announcement, ASIC says it is continually shutting down malicious websites that target Australians in various ways and attempt to make off with their funds.
“Since July 2023, ASIC has coordinated the removal of over 5,530 fake investment platform scams, 1,065 phishing scam hyperlinks and 615 cryptocurrency investment scams. Investment scams remain the most common type of fraud affecting Australians, resulting in $1.3 billion in losses in 2023. ASIC reminds all consumers to remain vigilant of social media hyperlinks promoting online trading and cryptocurrency investment.”
According to ASIC, fraudsters use various online platforms, including social media, to direct their victims to fraudulent websites. They also use social media to spread fraudulent news articles and use artificial intelligence to create fake videos of famous people proving the legitimacy of a scam.
ASIC Deputy Chair Sarah Court says:
“Australians still lose billions of dollars to scams every year. Fraudsters are criminals who target the pockets of hard-working Australians – they discriminate and use sophisticated techniques to steal information and money.
The fraud landscape is evolving rapidly. Innovative technological developments can improve the way we live and work, but they also provide new opportunities for fraudsters to exploit them. On average, 20 investment scam websites are taken down every day. Removing malicious websites quickly is an important step in preventing criminal fraudsters from causing further harm to Australians.”
According to ASIC, reported websites suspected of being fraudulent are referred to an external company that specializes in cybercrime detection. Once suspicions are confirmed, the company takes action to shut down the sites.
“The targeted websites include fake or fraudulent companies that offer investments to Australians through fake trading platforms and cryptocurrency investment scams.”
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