Australia’s corporate and markets watchdog, ASIC, has stepped up its actions against crypto scams during the federal election period.
It also disclosed that it has taken down more than 600 cryptocurrency scams in the last year. ASIC’s actions are part of a broader crackdown on fraudulent online investment platforms and phishing scams.
ASIC Shuts Down 615 Crypto Scam Websites
The Australian Securities and Investments Commission (ASIC) said it has shut down 615 cryptocurrency investment scams as part of a larger crackdown on more than 5,000 fake investment platforms. These scams have cost Australian consumers $1.3 billion in the last year alone. ASIC cooperated with other cybersecurity companies to identify and block the websites quickly.
The regulator noted that the fraud schemes involve fake articles and deepfake videos with politicians and other celebrities. Removing these scams forms part of ASIC’s ongoing measures to combat online fraud aimed at Australians’ savings. These scams have often used social media links to promote cryptocurrency investments, and ASIC has frequently issued alerts.
ASIC Partners with Cyber Firms to Halt Scams
ASIC has worked with cybersecurity companies that focus on identifying and eliminating malicious content. These third-party companies assist in identifying fraudulent activities, and the necessary measures are taken to close down the sites. After confirmation, the takedown process includes contacting the necessary stakeholders who can help remove the fake websites.
The websites usually contain fake entities impersonating genuine financial organizations or cryptocurrency trading platforms. For instance, ASIC stopped a crypto scam within an hour of receiving a consumer complaint. The scam had been posing as an internationally regulated exchange, thus convincing Australians that it was a genuine platform.
ASIC Warns of Persistent Crypto Scam Tactics
According to ASIC, the rise in crypto scams occurred during Bitcoin’s halving in April. Nonetheless, as the months have gone by, the incidence of scams has decreased. This change is reflected globally, as there has been a 29% decrease in the number of cryptocurrency-related scams reported worldwide.
In its latest research, the blockchain analysis firm Chainalysis noted that criminals now target centralized exchanges. These criminals are employing increasingly advanced social engineering tactics to dupe their targets. The ASIC has warned investors to be on the lookout, as the scammers have not relented in their tactics.
ASIC Monitors 20 Fraudulent Sites Daily
This is not the first time ASIC has taken a tough stand against online financial fraud; it is part of the regulator’s efforts to protect the Australian consumer. The regulator has also stressed the need for consumer education and is advising people to avoid such schemes that come their way. It maintains an investor alert list that is updated from time to time to create awareness of potential dangers.
ASIC continues to monitor and shut down these websites daily, an average of 20. It pointed out that scams are getting more sophisticated as fraudsters learn how to bypass security checks. ASIC wants to work with cybersecurity experts to ensure it can deal with new and emerging threats to Australian savings and stay ahead of cybercriminals.
Australia’s federal elections have brought a new focus on financial integrity, and Australian regulators have stressed the importance of protecting consumers from scams. As much as the elections and crackdown on online fraud are important in society, they are equally important in financial systems. As the elections go on, ASIC is a stark example of the dangers to investors in the internet age.
