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The Australian Securities and Investments Commission (ASIC) has removed more than 14,000 fraudulent websites over the past two years, according to an August 21 press release.
On average, ASIC takes down around 130 sites each week. Roughly 3,015 of the blocked sites were tied to cryptocurrency schemes.
ASIC is expanding its removal efforts beyond websites to cover advertisements on social platforms. These ads often act as the entry point, which leads people from Facebook or Instagram posts to fake investment sites.
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Deputy Chair Sarah Court explained:
Expanding our investment scam takedown capability to social media ads will help safeguard Australian consumers.
The regulator pointed out that investment scams remain the most damaging form of online fraud for Australians, with reported losses reaching $945 million in 2024. By targeting both scam websites and misleading ads, ASIC hopes to cut off access points before people are drawn in.
Scammers have also been refining their methods. One tactic is known as “AI washing”, where operators falsely claim their platforms use artificial intelligence (AI) to guarantee returns. They also create realistic-looking sites using polished templates, live trading charts, and fabricated news articles.
To avoid detection, fraudsters use “cloaking” techniques, which show one version of a site to reviewers while presenting another to ordinary visitors.
Recently, ASIC charged four men in Victoria for helping transfer scam funds into crypto and foreign bank accounts. How did the case unfold? Read the full story.
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