Australia’s securities regulators have abolished more than 14,000 fraud and phishing websites over the past two years, with crypto schemes making up about a fifth of the total.
ASIC said it will expand its investment scam website Takedown feature to include social media ads to protect Australian consumers from increasingly sophisticated online fraud schemes. Regulators said about 3,015 crypto fraud websites have been removed.
“ASICs can play a more active role in highlighting the differences between unregulated trading platforms (where investors are far more exposed to fraudulent activities and bad actors) and regulated equipment.” Decryption.
The statement said regulators continue to delete an average of 130 malicious sites each week, and have expanded authority to abuse scammers who destroy platforms like Facebook and Instagram.
Regulated equipment will provide “standard protection for investors” including disclosure, custody rules and dispute management, Nichols added.
Investment fraud remains the most financially damaging type of fraud affecting Australians, losing $945 million to these schemes in 2024 alone.
“Expanding investment fraud takedown capabilities to social media ads will help protect Australian consumers,” said ASIC Vice-Chair Sarah Court. statement.
ASIC has identified five prominent trends in online investment scams over the past six months
“AI laundry” has emerged as an important tactic in which fraudsters misuse trading bots to misuse trading bots to generate guaranteed returns using artificial intelligence and abusing public interest in technology.
The con artist deploys smooth website templates and third-party tools such as live trading charts, along with AI-generated celebrity support and “cloaking” tactics to avoid detection.
“Asics’ traditional toolkits (investigations, court measures, administrative measures) are important, but you cannot fight the tragedy of online fraud yourself,” the court said.
The crypto-enforcement component arises as assets face increasing scrutiny of national regulations.
Earlier this month, ASIC charging Four Victorian men, including a former barrister, are accompanied by money laundering crimes related to mobile revenues from large-scale investment fraud to crypto exchanges.
Australia’s financial intelligence agency last month Cryptography has been declared the biggest threat In its crackdown on financial crime, it is called “the most ambitious overhaul of Australia’s money laundering laws in generations.”
Security vulnerabilities are plagued by the broader crypto ecosystem, reported by Immunefi CEO Mitchell Amador. Decryption“If we just look at the first half of this year, we’re on track to lose about 3.6-4% of the sector’s total assets to hacking. This is insane.”
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