CANBERRA, Australia, Sunday, August 25, 2024 – The Australian Securities and Investments Commission (ASIC) announced that it had successfully intercepted more than 600 cryptocurrency scams in the past year.
This achievement comes as ASIC marks the first anniversary of its Investment Scam Disruption Initiative, which has led to the takedown of more than 7,300 phishing and fraudulent websites.
According to reports investment scams remain the most prevalent type of fraud in Australia, causing losses of $1.3 billion in 2023.
ASIC has been actively targeting these scams, removing over 5,530 fake websites, 1,065 phishing scam hyperlinks, and 615 cryptocurrency investment schemes since July 2023.
The regulator said it was particularly concerned about the rise of fake news articles and deepfake videos featuring public figures endorsing fake online trading platforms.
These scams often employ the credibility of well-known personalities to lure victims.
ASIC’s takedown efforts have focused on disrupting websites that promote fraudulent investment schemes. In one notable case, the regulator shut down “Quantum AI,” a fake platform claiming to use AI and quantum computing for high returns. The site featured fake endorsements from celebrities like Chris Hemsworth and Elon Musk.
Another example is the cryptocurrency investment scam “Dexa Trade Markets,” which was taken down within an hour of being reported by an Australian consumer.
ASIC’s investment scam website takedown capability is a key component of the Australian government’s Fighting Scams initiative. The process involves referring suspicious websites to a third-party company specializing in cybercrime detection. Once evidence of malicious activity is confirmed, the takedown process is initiated in collaboration with other government agencies and industry partners.
Through its partnership with the National Anti-Scam Centre (NASC), ASIC has co-led the first NASC Fusion Cell, which focuses on investment schemes. This collaboration has contributed to a reduction in overall losses, from $1.5 billion in 2022 to $1.3 billion in 2023.
