Australia Cracks Down on Crypto Scams: Over 600 Taken Down This Year
Australia’s financial markets conduct regulator, ASIC, has been actively combatting crypto scams, leading to the removal of more than 600 fraudulent schemes in the past year. These efforts are part of a broader campaign to disrupt online investment scams, specifically those targeting billions in savings of Australian investors.
Regulator’s Actions Against Scams
- ASIC collaborated to eliminate over 600 crypto scams in the last year
- 5,530 fake investment platform scams were taken down
- 1,065 phishing scam hyperlinks were removed
- 615 crypto investment scams were thwarted
The Australian Securities and Investments Commission revealed that these scams collectively caused losses amounting to $1.3 billion over the previous year. These fraudulent activities were often propagated through deceptive methods like fake news articles and deepfake videos featuring prominent local figures.
Stay Vigilant
- Consumers are urged to remain cautious of social media links promoting online trading and cryptocurrency investments
- ASIC warns against the proliferation of scams and encourages due diligence
On average, around 20 fraudulent websites are identified and taken offline daily by ASIC. Despite ongoing efforts, scammers continuously adapt their tactics to lure unsuspecting victims.
Coordinated Efforts
- ASIC cooperates with third-party specialists to detect and disrupt cybercrime
- Upon verifying malicious activities, a takedown process is initiated
- Identifying relevant parties to assist in deactivating the offensive content
The targeted websites often masquerade as legitimate entities, offering fake investment opportunities such as fraudulent trading platforms and crypto-related scams to Australian consumers.
Swift Response
- ASIC acted promptly on reports of scams, leading to immediate takedowns
- Investors were alerted through ASIC’s investor alert list to prevent further financial losses
Though there was a surge in crypto scams surrounding Bitcoin’s halving event in April, data indicates a subsequent decline in fraudulent activities. Similarly, global trends have shown a decrease in crypto scams, with a notable drop of 29% reported last year.
Rising Challenges
- Crypto criminals are shifting focus to centralized exchanges
- Advanced social engineering tactics employed by scammers in sophisticated attacks
Hot Take: Protect Yourself Against Crypto Scams
As a crypto enthusiast, it’s crucial to remain vigilant and exercise caution when engaging in online trading or investment opportunities. Stay informed about the latest scam tactics and protect your assets from deceptive schemes. By staying alert and informed, you can safeguard your investments in the ever-evolving crypto landscape.
By
By
By