Australia’s financial regulator, the Australian Securities and Investments Commission (ASIC), has intensified its crackdown on online scams, removing 14,000 fraudulent websites and advertisements since July 2023. Notably, over 3,000 of these scams involved fake cryptocurrency schemes, highlighting the growing threat of digital asset fraud.
ASIC Expands Focus to Social Media Ads
ASIC Deputy Chair Sarah Court announced that the agency is expanding its enforcement to include social media advertisements, a major avenue for scam promotion.
“The takedown capability is one example of how we are monitoring the latest trends and acting to protect Australians from those who try to steal from them,” Court stated.
The move comes as worldwide crypto-related hacks and scams surged to $2.47 billion in the first half of 2025, a slight increase from $2.4 billion in 2024.
Crypto Scams: A Growing Share of Online Fraud
ASIC launched its Scam Disruption Operation in July 2023, leveraging new powers to detect and remove phishing websites, fake investment platforms, and fraudulent ads. Initially, 8% of takedowns were crypto-related. Today, the figure has jumped to 21%, showing the rising prevalence of crypto scams.
Common fraud tactics include:
- Fake AI-powered trading bots promising guaranteed returns.
- Imposter websites mimicking legitimate platforms.
- Deepfake videos and AI-generated celebrity endorsements, making scams harder to detect.
Investment Scams Still Dominate — But Losses Decline
Despite progress, investment scams remain the most damaging for Australians. Losses have declined significantly, from $291M in 2023 to $192M in 2024, and $73M so far in 2025, according to the National Anti-Scam Centre.
Court warned that scammers continuously evolve, often adopting AI technology to trick victims. She urged Australians to remain skeptical of testimonials, celebrity promotions, and offers made via messaging apps like WhatsApp and Telegram.
Crypto ATMs Under Scrutiny
Australian authorities are also targeting crypto ATMs, suspected of enabling scam transactions. AUSTRAC and the Australian Federal Police (AFP) have launched nationwide crackdowns, introducing new rules and transaction limits to prevent misuse.
Australia ranks third globally for crypto ATM installations, with 1,968 ATMs as of August 2025, up from 1,871 in June.
Between January 2024 and January 2025, 150 reports of crypto ATM-related scams were lodged, totaling over $2M (AU$3.1M) in losses.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.