‘Every day an average of 20 investment scam websites are taken down’, says ASIC

Broken down, this includes over 5,530 fake investment platform scams, 1,065 phishing scam hyperlinks, and 615 cryptocurrency investment scams.

“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,” said ASIC’s deputy chair Sarah Court.

“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.”

Despite this win for cyber attack prevention, ASIC still warns consumers that $1.3 billion was lost in 2023 and issues are still prevalent.

ASIC has urged the public to be wary of “fake news articles and deepfake videos of public figures that endorse online investment trading platform scams, particularly on social media. Investment trading platform scams accounts for the largest component of ASIC’S website takedowns.”

“Scammers use digital platforms, including social media, to lure unsuspecting consumers, directing them to scam websites. Shutting down these websites disrupts the transmission of the scam and breaks the link between scammers and their potential targets,” said ASIC.

However, scams “are a core strategic priority for ASIC” and the commission is working alongside other government agencies and industry to help tackle the issue.

For individuals, due diligence should be applied when dealing with finances. ASIC provided a three-step system for staying safe online:

1. STOP: Don’t give personal information or act on investment advice you have come across on social media. Don’t feel pressured to invest. If you have any doubts, stop communicating with them.
2. CHECK: Ask yourself if you really know what you are investing in. Scammers can create fake news and reviews to make an investment seem legitimate. Do an internet search to see if there are warnings about this investment scam, including if a well-known public figure has warned about being impersonated. And check ASIC’s website to confirm if the person or entity offering the investment is licensed or authorised to do so.
3. REPORT: Act quickly if something feels wrong. If you have shared financial information or transferred money, contact your bank immediately. Help others by reporting scams to Scamwatch.

[Related: ‘The fight against scams never stops’]

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

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