ASIC shuts down more than 2000 scam websites
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The news: The Australian Securities and investments Commission has taken down more than 2000 scam websites since July using a new capability to protect Australians from being exploited. ASIC disrupted websites including fake investment platforms, crypto-asset scam websites and websites impersonating legitimate companies.
The numbers: ASIC has taken down 2100 websites so far, and is in the process of removing a further 400. The work expands on a three-week trial the regulator undertook in 2022.
The context: Australians have lost roughly $397.4 million to scams in 2023, according to the Australian Competition and Consumer Commission's Scamwatch website. Investment scams incur by far the biggest losses by scam type, costing Australians $240.5 million this year.
What they said: "Our website takedown service helps us identify and disrupt investment scam and phishing websites from causing further harm to Australians," ASIC deputy chair Sarah Court said in a statement.
The sources: ASIC Media Release, Scamwatch
