Australia’s investments watchdog says it has struck down 20 phishing and investment scam websites every day for the past year, showing the continued prevalence of dodgy operators in the local market.
The Australian Securities and Investments Commission (ASIC) on Monday announced it has successfully removed more than 7,300 dodgy sites in the first year of its new anti-scam takedown powers.
These include 5,530 fake investment platform sites, 1,065 phishing hyperlinks, and 615 cryptocurrency scam sites.
Australian scam losses totaled $1.3 billion in 2023, down from $1.5 billion in 2022, with ASIC attributing some of the downturn to its enforcement activities.
Still, scams remain a massive threat — and the rising use of generative artificial intelligence is expanding the scammer’s toolkit.
“The scams landscape is rapidly evolving,” said ASIC deputy chair Sarah Court.
“Innovative technology developments may improve how we live and work, however they also provide new opportunities for scammers to exploit.”
Examples listed by ASIC include a dodgy investment platform site that used fake endorsements from celebrities like Chris Hemsworth and Elon Musk to lure unsuspecting victims.
ASIC is also concerned by the use of fake news articles and deepfake AI videos to con people into handing over their money and sensitive personal information.
Consumers are urged to visit the official ASIC Moneysmart website to search for investor alerts before engaging with an online investment platform.
Moreover, ASIC is urging internet users not to hand personal information to investment platforms they encounter on social media, double check if organisations offering investment services are licensed to do so, and report suspicious activity to Scamwatch.
ASIC’s takedown update comes a week before the launch of Scams Awareness Week 2024 on Monday, August 26, when regulators and financial service providers will redouble their efforts to advise individuals and businesses of the scams prevailing in the Australian market.
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Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
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