February 24, 2024

The Australian Securities & Investments Commission (ASIC) has disrupted the operations of more than 2,500 investment scam and phishing websites since July 2023 with its newly implemented ‘scam website takedown capability’.

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Announced today (Thursday), the regulator has already taken down 2,100 websites, and over 400 websites are in the process of being taken down.

The regulator detailed that the actions were taken against fake investment platforms, crypto-asset scam websites, and imposter scam websites, which are very hard to detect.

“We recognize that scammers rely on technology to perpetrate investment scams. This includes using sophisticated websites to trick Australians into believing they are making genuine investments,” said ASIC’s Deputy Chair, Sarah Court.

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“Our website takedown service helps us identify and disrupt investment scam and phishing websites from causing further harm to Australians.”

Investment Scams Are Rampant in Australia

According to the official figures of the Australian Competition and Consumer Commission, Australians reported a record AU$3.1 billion loss to scams in 2022, out of which AU$1.5 billion was lost to investment scams.

Financial services regulators around the world are taking significant steps to tackle scammers….

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