ASIC Intensifies Efforts To Combat Fraudulent Investment Websites
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The Australian financial market watchdog is shutting down fraudulent investment websites at a rate of 130 per week. The Australian Securities and Investments Commission (ASIC) reported that it had removed 10,240 scam websites.
Among the blocked websites, there were 7,227 fake investment platforms, 1,564 phishing links, and 1,257 cryptocurrency investment scams.
ASIC Strengthens Efforts To Combat Investment Scams
ASIC increased its investigations by 31 per cent to 109, launched 15 new court cases, and carried out 376 surveillance operations. The agency secured AUD 46 million in civil penalties and 13 criminal convictions.
The regulator, responsible for overseeing retail financial services in the country, introduced a “scam website takedown capability” to remove suspicious websites.
It focuses on three categories: fake investment platforms, crypto-asset scam websites, and imposter scam websites. These scams are difficult to detect unless victims report them.
ASIC’s Deputy Chair, Sarah Court, said scammers were using advanced technology to take money from hard-working Australians through investment scams that appeared very real. She stated that ASIC would keep protecting people by stopping scams before they reached consumers and ensuring financial institutions were responsible for detecting and handling scams.
The Australian Competition and Consumer Commission (ACCC) revealed that Australians lost AU$2.74 billion to financial scams. While the amount was high, it dropped by 13.1 per cent.
Financial scams are a global problem. Malaysian authorities uncovered a case involving forex broker TrumphFX, which took about US$5.3 million from 72 victims.
Like ASIC, financial regulators in other countries are also taking action against fraudulent financial services, but many can only issue warnings. Italy is one of the few countries blocking access to these platforms.
ASIC’s Ongoing Fight Against Financial Scams Worldwide
Financial scams still trick people around the world, and officials are trying to stop them. The Australian Securities and Investments Commission (ASIC) has been blocking scam websites and checking more cases to help people stay safe.
Even with these steps, tricksters keep finding new ways to fool others. The Australian Competition and Consumer Commission (ACCC) shared that people lost a lot of money, though the loss was a little less than before.
Other places are also fighting scams, but many can only warn people. Some, like Italy, have stopped access to fake websites. In Malaysia, officers found a forex scam that took a lot of money from people.
ASIC’s work shows that stopping scams can help, but the problem is still there. Many scams stay hidden unless people speak up. As online tricks grow, money-watch groups everywhere need to work together to keep people safe and stop scammers from taking more money.
