In a robust response to internet fraud, the Australian Securities and Investments Commission (ASIC) has taken down more than 2,500 investment scam and phishing sites causing harm to the Australian public.
The commission's success could be attributed to its "website takedown service", which is capable of removing or limiting access to fraudulent and malicious websites on the internet.
This enforcement action is part of the government's broader 'Fighting Scams' program, which aims to protect Australian consumers and involves the newly operational National Anti-Scams Centre (NASC).
ASIC’s new website takedown capability has disrupted over 2,500 investment #scam and phishing websites, including fake investment platforms and #crypto-asset scam websites. Find out more and see our tips to help you spot the warning signs https://t.co/vQuYOfER9b pic.twitter.com/TsGPmp2TCJ— ASIC Media (@asicmedia) November 2, 2023
"Website takedown service"
In a press conference held yesterday, ASIC deputy chair Sarah Court said: ‘We recognise that scammers rely on technology to perpetrate investment scams.
"This includes using sophisticated websites to trick Australians into believing they are making genuine investments.
"Our website takedown service helps us identify and disrupt investment scam and phishing websites from causing further harm to Australians."
Advising caution
ASIC has targeted a variety of online threats, including bogus investment schemes, crypto scams, and imposter sites that mimic legitimate businesses.
The deputy chair advised caution, urging Australians to be skeptical of opportunities promising guaranteed and high returns with low risk, suggesting they might be too good to be true.
For those encountering suspicious online activities, ASIC encourages reports to be made, either directly if an investment scam is suspected or to Scamwatch for other dubious activities.
Read more about potential scams: FOMO concert goers warned that scammers could pull a 'swift' one.