The Australian Securities and Investments Commission (ASIC) has been actively combating investment scams and phishing websites, having successfully removed over 14,000 malicious sites since July 2023. Among these takedowns, approximately 20% were related to crypto fraud, totaling around 3,015 sites. ASIC’s relentless efforts in shutting down these fraudulent websites have been a crucial step in protecting consumers from falling victim to online investment scams.
In their latest enforcement update, ASIC disclosed the various sophisticated tactics employed by scammers, including AI washing schemes that promote fake trading bots promising passive income, as well as the use of slick website templates for quick copycat launches. Additionally, fake news articles featuring AI-generated celebrity endorsements have become increasingly prevalent. Cloaking techniques, which allow scammers to alter content based on the target’s location and device type, are also on the rise, along with the use of third-party integrations to lend false legitimacy to their operations.
Throughout the first half of 2025, ASIC achieved significant enforcement outcomes, such as imposing $57.5 million in civil penalties, securing six criminal convictions, and commencing 345 new investigations. The agency also took down 95 companies associated with international “pig butchering” schemes, following nearly 1,500 victim claims totaling $35.8 million in losses across 14 countries.
Investment scams remain a prevalent threat to Australians, with victims losing $945 million in 2024 alone. Despite a decrease in overall scam losses from 2022, ASIC continues to prioritize combating misconduct related to superannuation savings, business models circumventing consumer credit protections, and greenwashing practices involving false environmental sustainability claims. Notable penalties were imposed on financial institutions like AustralianSuper and Active Super for regulatory breaches.
In its efforts to disrupt scams, ASIC coordinates the removal of over 130 malicious websites weekly, adds unlicensed entities to its Moneysmart Investor Alert List, and issues consumer warnings about specific fraud schemes. The agency has also taken legal action against individuals involved in facilitating investment scams, such as Mormarkets Pty Ltd director Brendan Gunn.
Moreover, Australian authorities have ramped up crypto oversight through coordinated enforcement actions targeting non-compliant exchanges and money laundering networks. Recently, AUSTRAC directed Binance Australia to undergo an external audit due to serious anti-money laundering and counter-terrorism financing concerns. The agency has also targeted remittance and digital currency exchange providers for compliance issues, canceling registrations for those failing to meet regulatory obligations.
AUSTRAC’s proactive measures include contacting inactive digital currency exchange providers to warn them of potential deregistration. A publicly searchable register is also in the works to help consumers verify the legitimacy of crypto exchanges. In a separate initiative, ASIC and AUSTRAC have cracked down on individuals involved in fraudulent activities like investment scams and crypto ATM violations.
Overall, the joint efforts of ASIC and AUSTRAC reflect a commitment to safeguarding consumers from online fraud and ensuring that the financial landscape remains secure and transparent. By staying vigilant and proactive, these regulatory agencies aim to mitigate the risks posed by investment scams and crypto fraud, ultimately protecting the interests of the public.