Since July 2023, the Australian Securities and Investment Commission (ASIC) has cracked down on and curbed the operation of over 2500 investment fraud and phishing websites through the newly implemented "Fraud Website Removal Function".
Regulatory authorities announced today (Thursday) that 2100 websites have been closed, and more than 400 websites are still in the process of being closed.
The regulatory authorities further elaborated that these actions were taken against imperceptible false investment platforms, crypto asset fraud websites, and impersonation fraud websites.
We recognize that fraudsters rely on technology to carry out investment fraud. This includes using complex websites to deceive Australians into believing they are making genuine investments, "said ASIC Vice Chairman Sarah Court." Our website deletion service helps us identify and prevent investment fraud and phishing websites, so as not to cause further harm to Australians
According to official data from the Australian Competition and Consumer Council, Australians suffered a record $3.1 billion in fraud losses in 2022, including $1.5 billion in investment fraud losses.
Financial services regulatory agencies around the world are taking significant measures to combat fraudsters. Many regulatory agencies, including those in the UK, Cyprus, Italy, and Spain, are actively disclosing the names and domain names of illegal financial service platforms.
Although ASIC does not maintain databases on illegal platforms, its Italian counterparts have the right to block access to fraudulent platforms at the domain level. The regulatory authorities in the UK and Cyprus will also approve the website when issuing the license and display it on the regulatory website.
In its latest announcement, ASIC revealed that it has invested dedicated funds to strengthen its destructive measures against fraudulent websites and investment fraud.
The court emphasized the complex operations of scammers and added, "All Australians should be cautious about websites that promote guaranteed, fast, low risk, and extremely high returns. If an investment opportunity looks incredibly good, then it is almost certainly true
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