Australian Regulator Blocks Thousands of Investment Scam Websites
- ASIC shuts down over 7,300 scam websites targeting investors since July 2023, averaging about 20 sites per day.
- Majority of blocked sites (5,530) were fake investment and crypto promotions, often using celebrity endorsements on social media.
The Australian Securities and Investments Commission (ASIC) announced it has shut down over 7,300 scam websites that were trying to trick investors.
Since starting in July 2023, Asic has shut down thousands of scam websites that falsely promote investment trading and cryptocurrency, often using fake celebrity endorsements on social media. They've blocked over 5,530 scam sites, compared to 1,065 phishing links and 615 cryptocurrency scams.
“We’re taking down on average about 20 sites a day, and we have caused thousands of these to be taken down,” said Sarah Court, ASIC deputy chair.
The regulator explained that once they confirm malicious activity, they start the takedown process. This involves finding the right parties to help remove the attack from the internet.
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“A lot of these scams are perpetuated through social media feeds. If you’re sitting there scrolling through your social media feed, and up pops an advertisement that says ‘click on this link and come and invest money here’, just really pause,” she added.
However, since March 2024, when the regulator blocked 734 websites, the number has dropped significantly. By April, the count fell to 612, and by July, it was down to just 62.
Edited by Harshajit Sarmah
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