ASIC halts 3500 investment scams sites

The Australian Securities and Investments Commission (ASIC) has revealed its latest data shows around 3500 investment scam websites have been taken down by its scam website takedown feature.

The capability has been in place since July last year as part of ASIC’s efforts to prevent digital misconduct.

With the feature in place, ASIC can help prevent Australians from falling victim to scams by removing predatory websites altogether.

ASIC chair Joe Longo said, “Cost of living issues mean more Australians are looking for ways to make ends meet and scammers are only too happy to try and take advantage.”

“That’s why ASIC is stopping investment scams at the source of their promotion, removing them from the internet before they can lure in unsuspecting consumers,” Longo said.

“We’ve already examined the way major banks detect, prevent and respond to scams, resulting in ASIC setting expectations that all financial institutions take steps to improve their approaches,” he added.

Longo said the regulator has now turned its attending to a “broader range of banks and superannuation trustees to ensure they’re doing all they can to protect their members and customers from predatory scammers.”

He also said ASIC was able to secure almost $60 million in civil penalties and nine criminal convictions, according to its half-year results ending in December.

“We launched 83 new investigations, commenced 19 new civil proceedings, criminally charged 19 individuals and completed nearly 350 surveillances.”

“ASIC is in courts and boardrooms across Australia almost every single day of the week,” he said.

“Australians can continue to expect significant regulatory and surveillance work from ASIC in the coming months.

“We are scrutinising the way lenders comply with their hardship obligations, how banks support First Nations consumers to access low-fee accounts, and how superannuation trustees deliver important member services, such as how they handle death benefits claims,” he said.

Longo said ASIC “will continue to work to ensure the financial system works for all Australians.”