Block 130 websites every week

Australian financial market watchdog shuts down investment scams on an average rate of 130 fraudulent websites each week. According to the latest official data, the Australian Securities and Investment Commission (ASIC) has deleted a total of 10,240 investment scam websites.

Blocked websites include 7,227 fake investment platform scams, 1,564 phishing scam hyperlinks and 1,257 cryptocurrency investment scams.

Increased surveys

Additionally, Australian regulators have increased the number of new investigations by 31%, launched 15 new court cases and completed 376 surveillance operations in the past six months. The agency was also able to secure 46 million civil penalties and 13 criminal convictions.

ASIC, which oversees the domestic retail financial sector, implemented the “ability of fraud websites” in 2023, and removed suspicious websites under it. It focuses on three types of websites: fake investment platforms, crypto asset scam websites, and fraud scam websites. All of these are extremely difficult to detect unless the victim comes forward.

“Crazymen are using increasingly sophisticated technology to steal money from hardworking Australians with investment scams that look shockingly legal,” said the Sarah Court, vice-chairman of ASIC.

“ASIC will continue to protect Australians from fraud before reaching consumers and holding financial institutions accountable for fraud detection and response practices.”

The victims are suffering huge losses

Australia lost $2.74 billion in financial and fraud, according to data from the Australian Competition and Consumer Commission (ACCC). This figure was incredible, but fell 13.1% over the course of a year.

However, financial fraud is not limited to Australia. They are a global issue. Malaysian authorities recently revealed that forex broker Trumphfx has siphoned around US$5.3 million from 72 casualties in the country.

Like ASIC, financial regulators in other countries have also taken action against suspicious financial services platforms, but most of their powers are limited to issuing warnings. Italian regulators are among the few who block access to these platforms within their jurisdiction.