Australia’s Securities and Investment Commission (ASIC) has shut down 615 crypto scam websites over the past year.

This action is part of a broader effort to combat investment fraud in the country. The regulator closed 7,300 scam websites, including 5,530 fake investment platforms and 1,065 phishing sites.

ASIC  mentioned the surge in investment scams as the reason for these takedowns, revealing that such scams resulted in approximately $1.3 billion in losses in 2023. The regulator emphasized that shutting down these sites helps disrupt the connection between scammers and potential victims.

ASIC 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. The NASC’s 2023 targeting scams report reported a drop in overall losses from investment scams from $1.5 billion in 2022 to $1.3 billion in 2023. The downward trend in losses correlates to several key government and industry initiatives such as ASIC’s investment scam website takedown capability.

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.

Source of the article here.