Australia’s financial markets regulator says due to the evolving nature of technology, it’s becoming increasingly challenging for consumers to identify fraudulent schemes.
Australia’s financial markets regulator says it has taken down over 600 crypto scams in the last 12 months, warning that artificial intelligence and crypto fraudsters are constantly updating their tactics to “lure consumers.”
In an Aug. 19 statement, the Australian Securities and Investments Commission (ASIC) revealed since July 2023, it has taken down over 5,530 fake investment platforms, 1,065 phishing hyperlinks and 615 cryptocurrency investment scams.
ASIC Deputy Chair Sarah Court shared particular concern about deepfakes and other AI-generated images — which she suggests have made it more difficult for the average person to detect fraud.
