On August 19, the Australian Securities and Investments Commission (ASIC) announced that it had uncovered more than 600 cryptocurrency scams as part of a wider effort to crack down on fraudulent investment platforms.
This measure is part of a wider effort to protect Australians from financial loss as online scams develop and become more sophisticated.
Australia’s Fight Against Cryptocurrency Scams
In an official statement, ASIC revealed that it had removed over 7,300 phishing and investment scam websites, including 615 related to cryptocurrency investment. These actions are crucial in combating the growing threat of fraud in the digital space, particularly on digital platforms and social media where scammers operate.
The Rising Threat of Investment Fraud
The Australian Financial Conduct Authority has identified investment fraud as the most serious financial threat to Australians, with losses amounting to A$1.3 billion in 2023 alone. These scams often lure victims with promises of high returns from fake trading platforms, ultimately deceiving investors.
ASIC’s efforts to combat fraud have been bolstered through collaboration with the National Anti-Fraud Centre, enhancing its ability to identify and disrupt fraudulent networks.
The Evolution of Fraud Tactics
Fraudsters are continuously evolving their tactics, leveraging digital platforms and deepfake technology to deceive consumers. Deepfakes use manipulated photos and videos to create realistic content, often featuring celebrities endorsing fraudulent schemes, making it challenging for individuals to differentiate between scams and legitimate opportunities.
ASIC’s recent findings align with a report by BitGet Research, which highlighted a 245% surge in the use of malicious deepfake technology in fraud in 2024. Cyberattacks involving deepfakes have cost users over $79 billion since 2022.
Additionally, the Australian Competition and Consumer Commission (ACCC) plays a vital role in identifying and reporting cryptocurrency scams, with a recent analysis revealing that a significant portion of cryptocurrency ads on social media violate advertising policies or are potentially deceptive.
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In addition, part of the content is the AI translation version of the English version of the BeInCrypto article.
