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Australian regulator Asic has removed over 7,300 investor scams over the last 12 months. Over 600 of these are crypto scams.
The Australian Securities and Investments Commission (Asic) has published results showing that it has taken down an average of 20 scam websites per day in the last 12 months, with 615 of the 7,300 total being crypto scams.
Asic’s scheme targets investment scams, including fake trading platforms and crypto investment scams. These scams are frequently spread across social media sites and often use deep fake celebrity endorsements.
Earlier this month, the ACCC claimed that over half of all crypto ads on Facebook are fraudulent, however, Meta has denied these claims.
The deputy chair at Asic, Sarah Court, acknowledges that there is still a lot of work to be done in tackling crypto and investment scams, especially as technology continues to improve and develop.
ASIC Deputy Chair Sarah Court spoke with @7NewsAustralia over the weekend about our work coordinating the takedown of investment scam websites ▶️ Watch the full report https://t.co/SOW3LCnUx3 pic.twitter.com/t2QilLgcN2
— ASIC Media (@asicmedia) August 19, 2024
“Australians are still losing billions of dollars each year to scams. Scammers are criminals targeting the hip pockets of hard-working Australians – they don’t discriminate, and they use sophisticated techniques to steal information and money.
“The scams landscape is rapidly evolving. Innovative technology developments may improve how we live and work, however they also provide new opportunities for scammers to exploit.
“Every day an average of 20 investment scam websites are taken down. The quick removal of malicious websites is an important step to stop criminal scammers from causing further harm to Australians.
“Scammers will continue to adapt and find new ways to lure consumers, and ASIC remains proactive in detecting and disrupting investment scams,”
During a statement, Court recognized that operating reactively and taking down sites as they pop up and get reported could be improved upon, but said the scheme is “making a difference.”
How does Asic remove a scam website “within hours”?
According to The Guardian, Asic works with a London-based company called Netcraft, which can take down a site within hours of someone referring it to the regulator.
After a report is made, Netcraft confirms the validity of the threat using its own internal intelligence processes before proceeding to remove the site if it is confirmed as harmful. The web services company has relationships with domain providers globally and they also monitor similar sites or sites used by known scammers.
Featured image credit: Ideogram
