The regulator blocked over 7,300 phishing and investment scam websites.
It refers suspicious sites to a third-party company for blocking.
The Australian Securities and Investments Commission (ASIC) revealed that it has taken down more than 7,300 phishing and investment scam websites that were attempting to swindle investors. Since July 2023, actions against fake investment platforms have surged, with over 5,530 sites blocked, compared to 1,065 phishing scam hyperlinks and 615 cryptocurrency investment scams.
Interestingly, the number of websites blocked by the regulator has dropped dramatically since March 2024, a month when it blocked 734 websites. In April 2024, the regulator blocked 612 websites, which decreased to only 62 in July.
Regulator Is Working with a Third-Party Company
Highlighting the blocking process, the Australian regulator explained that it flags suspicious websites and refers them to a third-party company specializing in cybercrime detection and disruption.
“Once evidence of malicious activity is confirmed, the takedown process begins, including identifying relevant parties who can help to take the attack offline,” the regulator noted, detailing the process. However, it did not name the third-party company it has been working with.
Although ASIC blocks fraudulent and phishing websites, it does not publish their names, a practice regularly followed by top European regulators. However, none of the other regulators, except the one in Italy, can block flagged websites.
Priority to Fight Frauds and Scams
ASIC, which oversees the retail financial sector in the country, implemented a “scam website takedown capability” last year, under which it is taking down suspicious websites. It focuses on three types of websites: fake investment platforms, crypto-asset scam websites, and imposter scam websites, all of which are very difficult to detect unless some victims come forward.
The regulator strengthened its focus in this area after Australians lost AU$1.3 billion to investment scams in 2023, down from AU$1.5 billion in 2022.
“Australians are still losing billions of dollars each year to scams,” ASIC’s Deputy Chair Sarah Court stated. “Scammers are criminals targeting the hip pockets of hard-working Australians—they don’t discriminate, and they use sophisticated techniques to steal information and money.”
“The scams landscape is rapidly evolving. Innovative technological developments may improve how we live and work,” said the Deputy Chair. “However, they also provide new opportunities for scammers to exploit… Scammers will continue to adapt and find new ways to lure consumers, and ASIC remains proactive in detecting and disrupting investment scams.”
The Australian Securities and Investments Commission (ASIC) revealed that it has taken down more than 7,300 phishing and investment scam websites that were attempting to swindle investors. Since July 2023, actions against fake investment platforms have surged, with over 5,530 sites blocked, compared to 1,065 phishing scam hyperlinks and 615 cryptocurrency investment scams.
Interestingly, the number of websites blocked by the regulator has dropped dramatically since March 2024, a month when it blocked 734 websites. In April 2024, the regulator blocked 612 websites, which decreased to only 62 in July.
Regulator Is Working with a Third-Party Company
Highlighting the blocking process, the Australian regulator explained that it flags suspicious websites and refers them to a third-party company specializing in cybercrime detection and disruption.
“Once evidence of malicious activity is confirmed, the takedown process begins, including identifying relevant parties who can help to take the attack offline,” the regulator noted, detailing the process. However, it did not name the third-party company it has been working with.
Although ASIC blocks fraudulent and phishing websites, it does not publish their names, a practice regularly followed by top European regulators. However, none of the other regulators, except the one in Italy, can block flagged websites.
Priority to Fight Frauds and Scams
ASIC, which oversees the retail financial sector in the country, implemented a “scam website takedown capability” last year, under which it is taking down suspicious websites. It focuses on three types of websites: fake investment platforms, crypto-asset scam websites, and imposter scam websites, all of which are very difficult to detect unless some victims come forward.
The regulator strengthened its focus in this area after Australians lost AU$1.3 billion to investment scams in 2023, down from AU$1.5 billion in 2022.
“Australians are still losing billions of dollars each year to scams,” ASIC’s Deputy Chair Sarah Court stated. “Scammers are criminals targeting the hip pockets of hard-working Australians—they don’t discriminate, and they use sophisticated techniques to steal information and money.”
“The scams landscape is rapidly evolving. Innovative technological developments may improve how we live and work,” said the Deputy Chair. “However, they also provide new opportunities for scammers to exploit… Scammers will continue to adapt and find new ways to lure consumers, and ASIC remains proactive in detecting and disrupting investment scams.”
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
ASIC Prohibits CFDs “Margin Discounts”: How Shall Brokers Prepare?
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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