Australia’s Regulators Step Up After Thousands of Online Scams — Crypto a Growing Share

Australia’s corporate regulator says it has removed more than 14,000 online investment and phishing sites since July 2023, with just over 3,000 of those takedowns linked to crypto investment schemes.

The Australian Securities and Investments Commission (ASIC) announced it will expand its takedown capability to include monitoring and removing malicious social‑media advertisements that direct people to scam websites — a move the agency says will disrupt another common recruitment channel used by fraudsters. ASIC’s deputy chair highlighted the takedown tool as an example of adapting enforcement to rapidly evolving scam tactics.

ASIC’s takedown work has been substantial: the agency reports it is shutting down roughly 130 scam sites per week and has documented common scam playbooks such as so‑called AI trading bots, impersonation of legitimate sites, fake news pages and deepfakes used to promote fraudulent platforms. Regulators warn these techniques make scams harder to spot for everyday users. citeturn2search3

Across government anti‑scam efforts, authorities say investment scams remain the single largest source of financial loss for Australians, even as overall reported scam losses have trended down from recent highs after coordinated disruption work. National Anti‑Scam Centre data and related government reporting point to a multi‑agency approach — combining takedowns, data sharing and victim support — as driving reductions in some categories of loss.

At the same time, crypto thefts and scams remain a major global problem: blockchain security firms report roughly $2.47–$2.5 billion was lost to hacks, scams and exploits in the first half of 2025, driven heavily by a small number of very large incidents alongside widespread phishing and wallet compromises. That global pressure amplifies the risk posed by crypto‑related investment fraud.

Domestic regulators are also targeting the infrastructure scammers exploit. Australia’s financial intelligence agency has imposed new operating conditions on crypto ATM operators — including transaction limits, enhanced customer due diligence and mandatory scam warnings — after finding many ATM transactions were linked to scam victims. The push follows multi‑agency reviews and law‑enforcement referrals, with authorities noting there are now well over 1,800 crypto ATMs in Australia and reported losses tied to these kiosks in the millions of Australian dollars.

Regulators stress vigilance: new technology and social platforms keep enabling scam innovation, so authorities urge consumers to treat glowing testimonials, celebrity endorsements, promises of AI‑generated returns and unsolicited investment pitches with strong scepticism, and to report suspicious sites and ads so disruption teams can act quickly.