The Australian Securities and Investment Commission (ASIC) is warning about widespread online investment scams, including those involving cryptocurrencies.
In a new announcement, the ASIC says it is constantly shutting down malicious websites that are targeting Australians through various means and trying to make off with their funds.
“Since July 2023, ASIC has coordinated the removal of over 5,530 fake investment platform scams, 1,065 phishing scam hyperlinks and 615 cryptocurrency investment scams. Investment scams remain the leading type of scam impacting Australians, resulting in $1.3 billion in losses in 2023. ASIC reminds all consumers to remain vigilant to social media hyperlinks that promote online trading and cryptocurrency investments.”
According to the ASIC, bad actors use various online platforms including social media to direct victims to scam websites. They also use social media to promote fraudulent news articles and use artificial intelligence to create fake videos of famous people that attest to the legitimacy of a scam.
Says ASIC’s Deputy Chair Sarah Court,
“Australians are still losing billions of dollars each year to scams. Scammers are criminals targeting the hip pockets of hard-working Australians – they don’t discriminate, and they use sophisticated techniques to steal information and money.
The scams landscape is rapidly evolving. Innovative technology developments may improve how we live and work, however they also provide new opportunities for scammers to exploit. 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.”
The ASIC says that reported websites suspected of engaging in fraud are referred to an outside company that specializes in cybercrime detection. Once confirmed, the company takes steps to shut the sites down.
“The types of websites targeted include fake or imposter entities offering investment scams to Australians through fake investment trading platforms and cryptocurrency investment scams.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Australian Regulator Issues Warning on Rise of Online Crypto Scams appeared first on The Daily Hodl.
