As a seasoned researcher with extensive experience in cybersecurity and financial fraud, I find myself increasingly alarmed by the growing number of crypto investment scams targeting Australians. The statistics released by ASIC are staggering – over 8% of the scam websites they took down in 2023 were focused on crypto investments only. This is a red flag that cannot be ignored.
In my role as an analyst, I’d like to highlight a noteworthy finding from Australia’s securities regulatory body. Approximately 8% of the fraudulent websites they dismantled last year (2023) were exclusively devoted to cryptocurrency investments. This underscores the need for increased vigilance and education in this rapidly evolving digital asset sector.
On the occasion of its investment scam disruption initiative’s one-year milestone, the Australian Securities & Investments Commission revealed the shutdown of numerous phishing and fraudulent investment sites.
Starting from July 2023, ASIC has organized the removal of over 7,300 phishing sites. Among these, approximately 5,530 were fraudulent investment platforms, 1,065 were links to phishing scams, and 615 were crypto investment scams.
2023 saw investment scams as the most common form of fraud affecting Australians, resulting in a staggering $1.3 billion in losses, according to a recent press release. The Australian Securities and Investments Commission (ASIC) strongly advises consumers to remain cautious, especially when it comes to online trading and crypto investment opportunities that are shared through social media.
In my daily analysis, approximately 20 fraudulent investment sites are being dismantled each day, a crucial action aimed at preventing these cybercriminals from inflicting more damage on Australian citizens.
ASIC Deputy Chair Sarah Court
According to a recent announcement by ASIC, the prevalence of phishing activities can be largely attributed to the misuse of fake news articles and deepfake videos featuring prominent figures. The majority of these individuals are seen endorsing bogus investment platforms online, particularly on social media platforms. These deceptive websites constitute the main focus of ASIC’s ongoing investigations.
At the beginning of August, the Australian Federal Police, alongside Chainalysis, disclosed that they had uncovered more than 2,000 cryptocurrency wallets compromised by individuals residing in Australia.
Despite the uncertainty about whether any of the stolen cryptocurrencies were retrieved, platforms like BTC Markets, Binance, and Crypto.com joined forces with law enforcement to assist Australian victims by identifying them and providing support. This collaboration aimed at minimizing additional losses. Notably, cybercriminals have swindled over $4 billion in cryptocurrency since May 2021, primarily through phishing scams.
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2024-08-19 10:12