Australia expands crackdown on online scams
ASIC has removed 14,000 online scams since mid-2023, with over 3,000 involving crypto, and is now monitoring social media ads for fraud.
Australia has taken down 14,000 online scams since July 2023, with more than 3,000 involving crypto. The Australian Securities and Investments Commission (ASIC) has expanded scam enforcement to cover social media ads, investment fraud, and phishing websites.
ASIC Deputy Chair Sarah Court noted takedown powers refer suspicious sites to cybercrime specialists for removal. Common scams include AI trading bots, fake websites, and fraudulent celebrity endorsements, making fraud harder to detect.
Investment scams remain the leading threat, with over $73 million lost this year, though overall losses have fallen since 2023. Regulators urged caution with testimonials, AI investment claims, and schemes on WhatsApp, Telegram, and other messaging apps.
Crypto ATMs have also come under scrutiny. AUSTRAC and the AFP have investigated connections between crypto ATMs and scams, including pig-butchering operations. Australia has nearly 2,000 crypto ATMs, with new limits to curb crime and protect investors.
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