Australia Expands Scam Crackdown as Crypto Cons Hit Nearly $1B
Snapshot: Australia is escalating its war on financial scams, giving regulators new authority to block fraudulent social media ads alongside websites. The Australian Securities and Investments Commission (ASIC) has already removed more than 14,000 scam sites since 2023, averaging 130 takedowns weekly. Crypto-related scams remain a core problem, with at least 3,000 flagged during this period.
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$945 million in investment scam losses were recorded in 2024, down 25.9% from the record $3.1 billion in 2022.
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ASIC logged 14,000 website removals since July 2023, including 3,000 linked to crypto.
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The regulator reported $57.5 million in civil penalties in the first half of 2025 alone.
Deputy Chair Sarah Court said traditional enforcement tools are no longer enough to counter AI-driven fraud tactics such as deepfakes, cloaking, and scam templates. She stressed that blocking deceptive social media ads will help shield Australians from increasingly sophisticated digital fraudsters.
Still, regulators insist consumer vigilance is vital. Australians are being urged to avoid investment offers on platforms like WhatsApp or Telegram and to verify that providers are licensed before committing funds.
The crackdown also coincides with tougher enforcement actions in financial services. Firstmac Limited was fined $8 million for product design and distribution failures, Allianz and AWP were hit with $16.8 million in penalties for misleading travel insurance claims, and HCF Life was fined $750,000 for deceptive policy clauses.
Full story: Cryptopolitan