ASIC Shuts Down More Than 7,000 Scam Websites in Major Crackdown

ASIC Shuts Down More Than 7,000 Scam Websites in Major Crackdown. 

ASIC has made significant progress in its fight against online scams, recently announcing the takedown of over 7,300 phishing and investment scam websites, according to a report from The Sydney Morning Herald on 20 August 2024. This crackdown has contributed to a decline in financial losses from scams, which fell to $2.74 billion in 2023. Most of the removed websites were related to investment scams, with over 5,500 shut down and over 600 cryptocurrency scams. ASIC Deputy Chair Sarah Court emphasised the need for swift action to protect Australians from increasingly sophisticated scams that often use social media to lure victims.

Despite these efforts, investment scams remain a major concern, accounting for $1.3 billion in losses this year alone. Scammers are continuously adapting their methods, utilizing advanced technologies such as artificial intelligence and deep fakes to create convincing fraudulent schemes. ASIC's ongoing collaboration with the National Anti-Scam Centre aims to enhance consumer protection and effectively disrupt these fraudulent activities.

The full article from The Sydney Morning Herald can be read here.