Australia’s corporate regulator has stepped up its campaign against online investment scams by extending its website takedown powers to cover social media advertising.
ASIC Expands Scam Takedowns to Target Social Media Ads
The Australian Securities and Investments Commission (ASIC) said on Thursday that the expansion is part of its effort to protect consumers from fraudsters who increasingly use digital platforms to lure investors.
Since the takedown program began two years ago, more than 14,000 scam and phishing websites have been removed, with around 130 malicious sites shut down every week.
ASIC Deputy Chair Sarah Court said the measure would close off more pathways for scammers. “Expanding our investment scam takedown capability to social media ads will help safeguard Australian consumers,” she stated.
“ASIC is shutting down around 130 of these investment scam websites every week which means we are shutting down pathways to reach Australians.”
The regulator also outlined the five most common scam trends identified in recent months, including fake trading bots marketed as “AI-powered,” slick website templates with fraudulent corporate documents, and AI-generated fake news articles featuring celebrities.
Scammers are also said to be embedding legitimate-looking third-party content, such as trading charts, and using cloaking technology to tailor fake sites to specific targets.
Investment scams remain the most damaging form of fraud in Australia, with losses totalling $945 million in 2024, according to the National Anti-Scam Centre.
Although overall scam losses have fallen by 25.9 per cent since peaking in 2022, ASIC said vigilance remains essential as fraudsters adapt to new technologies.
