In a little over a year since the Australian Securities and Investments Commission (ASIC) launched its program of investment scam disruption, more than 7,300 phishing and investment scam websites have been taken down.
Since July 2023, ASIC says it has “coordinated the removal of over 5,530 fake investment platform scams, 1,065 phishing scam hyperlinks and 615 cryptocurrency investment scams”.
When ASIC is informed of a potentially dodgy website – typically promoted via social media platforms, and often using celebrities without their knowledge – it refers the website to a “third-party company specialising in cybercrime detection and disruption”.
“Once evidence of malicious activity is confirmed, the takedown process begins, including identifying relevant parties who can help to take the attack offline,” ASIC said.
“The types of websites targeted include fake or imposter entities offering investment scams to Australians through fake investment trading platforms and cryptocurrency investment scams.”
ASIC said investment scams were the “leading type of scam impacting Australians”.
ASIC scam data 23/24.
ASIC has previously warned about fake news articles and deepfake videos of public figures that “endorse” online investment trading platform scams and it says investment scams “account for the largest component of ASIC’S website takedowns”.
“The scams landscape is rapidly evolving,” said ASIC Deputy Chair, Sarah Court. “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.”
ASIC gave the example of Quantum AI as one platform that was disrupted.
Scammers “used celebrities and high-profile Australians to promote fake investment trading platforms, such as Quantum AI, claiming to use AI technology and quantum computing to generate high returns for investors.
“Fake celebrity endorsements, including from people such as Chris Hemsworth and Elon Musk, are used in these scams to entice consumers to enter into investments with low initial costs and unrealistic returns.”
Elon Musk’s likeness has been used in fake ads.
ASIC said it works with other government agencies and industry to coordinate scam disruption strategies, “including through the National Anti-Scam Centre (NASC) and co-leading the first NASC Fusion Cell, focused on Investment Scams”.
Along with the Australian Competition & Consumer Commission (ACCC) . ASIC recently released a report on “The Investment Scam Fusion Cell (the Fusion Cell)”, which is the first of four fusion cells that will be implemented by the National Anti-Scam Centre between 2023 and 2026 to “target priority scam issues”.
“Coordinated by the National Anti-Scam Centre, fusion cells focus the efforts of participants from the public and private sector on creative approaches to disruption,” the report said.
“Leveraging Scamwatch intelligence, fusion cells focus on measurable disruption trials and cross-organisational learning. [ASIC’s] close partnership with the National Anti-Scam Centre has included sharing data and intelligence and implementing disruption action …”
In brighter news, the NASC’s 2023 targeting scams report said there had been a drop in overall losses from investment scams from $1.5 billion in 2022 to $1.3 billion in 2023.
