The Australian Securities and Investments Commission (ASIC) announced today the takedown of more than 7,300 phishing and investment scam websites that seek to swindle consumers out of their information.

Since July 2023, ASIC has coordinated the removal of over 5,530 fake investment platform scams, 1,065 phishing scam hyperlinks and 615 cryptocurrency investment scams.

Investment scams remain the leading type of scam impacting Australians, resulting in $1.3 billion in losses in 2023. ASIC reminds all consumers to remain vigilant to social media hyperlinks that promote online trading and cryptocurrency investments.

Today’s announcement follows warnings about fake news articles and deepfake videos of public figures that endorse online investment trading platform scams, particularly on social media. Investment trading platform scams accounts for the largest component of ASIC’S website takedowns.

Scammers use digital platforms, including social media, to lure unsuspecting consumers, directing them to scam websites. Shutting down these websites disrupts the transmission of the scam and breaks the link between scammers and their potential targets.

ASIC refers suspicious websites 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. The types of websites targeted include fake or imposter entities offering investment scams to Australians through fake investment trading platforms and cryptocurrency investment scams.