ASIC's Battle Against Rising Crypto Scams: Over 7,300 Websites Shut Down
ASIC's Strategic Focus on Investment Scams
The Australian Securities and Investments Commission (ASIC) has made significant progress in combating investment scams, particularly in the cryptocurrency sector. Since launching its service in July 2023, the regulator has successfully shut down thousands of fraudulent websites targeting unsuspecting investors.
Daily Scam Takedowns
- On average, ASIC removes 20 scam websites each day.
- More than 7,300 scam websites have been eliminated within 12 months.
- A total of 615 of these takedowns were specifically related to cryptocurrency scams.
Nature of the Scams
Fraudulent platforms often masquerade as legitimate investment trading opportunities, utilizing social media to promote false celebrity endorsements. These tactics have led to a rising trend in investment scams, prompting ASIC to intensify its actions against such deceptive practices.
Future of Scam Prevention
As ASIC continues to lead the charge against investment fraud, ongoing public awareness and regulatory measures are crucial in safeguarding investors. Protecting consumers is paramount as more people engage with digital investment platforms.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.