ASIC doubles down on investment scam disruption
The corporate regulator has taken down over 7,300 phishing and investment scam websites in the past year, with this area remaining a core strategic priority for ASIC.
One year ago, the National Anti-Scam Centre announced a new investment scam fusion cell led by the ACCC and ASIC that included representatives from digital platforms, banks and the telecommunications industry to identify methods to disrupt such scams.
ASIC has since coordinated the take-down of more than 7,300 phishing and investment scam websites in the past 12 months, which seek to swindle consumers out of their information. This includes the removal of over 5,530 fake investment platform scams, 1,065 phishing scam hyperlinks and 615 cryptocurrency investment scams.
With investment scams being the leading type of scam impacting Australians and resulting in $1.3 billion in losses in 2023, the regulator has reaffirmed its commitment to combating this area of fraud.
“Australians are still losing billions of dollars each year to scams. Scammers are criminals targeting the hip pockets of hardworking Australians – they don’t discriminate, and they use sophisticated techniques to steal information and money,” commented ASIC deputy chair Sarah Court.
“Every day an average of 20 investment scam websites are taken down. The quick removal of malicious websites is an important step to stop criminal scammers from causing further harm to Australians.”
ASIC’s partnership with the National Anti-Scam Centre in combating and disrupting investment scams reported a downward trend in overall losses from $1.5 billion in 2022 to $1.3 billion in 2023.
According to the regulator, its take-down capability works by referring suspicious websites to a third-party company that specialises in cyber crime detection and disruption. Once evidence of malicious activity is confirmed, the take-down process begins, including identifying relevant parties who can help to take the attack offline.
Court added: “Scammers will continue to adapt and find new ways to lure consumers, and ASIC remains proactive in detecting and disrupting investment scams.”
In June, the regulator issued a warning that its logo was being misused to perpetuate a social media scam promoting fake investment. It received a number of reports about social media advertisements that promoted a “Stock Trading Master Class” and displayed the ASIC logo, but was an unlicensed entity that ASIC previously placed on its alert list.
AUTHOR
Jasmine Siljic
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
