As a seasoned crypto investor with years of experience under my belt, I can’t help but feel a mix of relief and concern upon reading about ASIC’s actions against cryptocurrency scams. Relief because it’s reassuring to know that authorities are taking steps to protect investors like myself from the unscrupulous activities of these scammers. However, my concern lies in the fact that these fraudsters seem to be constantly evolving their tactics, leveraging advanced technology such as AI to trick even the most vigilant of us.
In the past year, Australia’s financial watchdog, the Australian Securities and Investments Commission (ASIC), has aggressively combated cryptocurrency scams by shutting down more than 600 deceptive operations.
Since July 2023, the Australian Securities and Investments Commission (ASIC) has closed down approximately 5,530 fraudulent investment websites, disabled 1,065 phishing links, and stopped 615 cryptocurrency scams. [This statement is from August 19.]
In simpler terms, Sarah Court, the Deputy Chair of ASIC, voiced worry about fraudsters employing sophisticated technologies such as artificial intelligence (AI) to deceive individuals.
“As technological advancements continue to shape our lives and work environment, they also open up fresh avenues for con artists to manipulate their targets,” she pointed out.
However, investment scams have remained a major issue in Australia, with the regulator reporting that they were the leading cause of financial losses, amounting to $1.3 billion in 2023.
A frequent strategy employed is the use of false endorsements, often attributed to well-known figures such as Chris Hemsworth or Elon Musk, in an attempt to lure potential victims with promises of swift and effortless profits. The Australian Securities and Investments Commission has cautioned that these scammers can manufacture fake reviews and news articles to make their deals appear genuine.
In one recent example, scammers used AI to create a deepfake video and voice of Elon Musk, which was streamed on more than 35 YouTube channels in June. The video falsely promised viewers that they would get double the amount of crypto they invested.
As scams grow increasingly complex, it’s getting tougher for individuals to discern genuine prospects from deceitful ventures.
Additionally, the Australian Securities and Investments Commission (ASIC) called out a crypto investment company, Dexa Trade Markets, for misrepresenting its regulatory status and exaggerating its trading volume. It’s important to note that this firm does not possess the legal authorization to carry out operations within Australia.
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2024-08-19 13:09