Australia’s financial regulator, ASIC, is actively shutting down scam websites that promote fake investments, including deceptive trading platforms and cryptocurrency schemes. Many of these scams spread through social media, often using fake celebrity endorsements.
Since July 2023, ASIC has dismantled over 5,500 fraudulent investment sites, removed more than 1,000 phishing links, and taken down 615 crypto scam websites.
Scams Continue to Harm Australians
Last year, Australians lost an estimated $1.3 billion to scams, primarily through fake investment trading platforms. These schemes often used phony news and deepfake videos featuring local public figures. ASIC’s efforts have focused on removing the websites involved in these fraudulent activities.
Daily Website Shutdowns to Protect Australians
ASIC’s deputy chair, Sarah Court, stressed the ongoing threat, stating, “Australians are still losing billions of dollars each year to scams.” She noted that scammers use sophisticated techniques to target all Australians. On average, ASIC shuts down 20 scam investment websites daily, underscoring the need for continued vigilance.
Deceptive Crypto Ads on Meta Raise Concerns
Recently, Australia’s competition watchdog revealed that more than half of the crypto ads on Meta’s platform mislead users or violate advertising policies. These ads often misuse images of prominent Australians like Dick Smith and James Packer, as well as Hollywood celebrities such as Chris Hemsworth and Nicole Kidman.
In 2024, Australia received over 3,400 reports of investment scams, leading to losses exceeding $78 million. The competition watchdog is currently investigating 234 of these ads, with concerns that more misleading crypto advertisements may emerge.
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