Australia Intensifies Crackdown on Fraudulent Websites
Since the start of 2023, the Australian financial regulator (ASIC) has closed over 7,300 fraudulent investment websites and schemes, including 615 cryptocurrency projects. Fake investments continue to be a major issue, with Australians losing over $1.3 billion to such scams in the past year.
On this page
Since the start of 2023, the Australian financial regulator (ASIC) has closed over 7,300 fraudulent investment websites and schemes, including 615 cryptocurrency projects. Fake investments continue to be a major issue, with Australians losing over $1.3 billion to such scams in the past year.
Scammers typically attract users to specially crafted fake websites where they input confidential data and lose money. Another common tactic is to persuade individuals to invest in supposedly lucrative assets. This is why shutting down these websites can quickly disrupt fraudulent schemes.
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,
Deputy Chair Sarah Court said.
ASIC emphasizes that fraudsters are constantly improving their techniques, making them harder to detect. Consequently, the regulator has reiterated its call for users to thoroughly check any information, especially from social media platforms, and to approach advertisements for unknown projects with caution.
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
