The post Australia Cracks Down on 14,000 Online Scams appeared on BitcoinEthereumNews.com. Crime Australia’s financial regulator is ramping up its campaign against online scams after dismantling more than 14,000 fraudulent websites since July 2023 — over 3,000 of which involved crypto. The Australian Securities and Investments Commission (ASIC) said the effort is being extended to target deceptive social media advertisements, which have been increasingly used to push fake investment platforms, phishing schemes, and fraudulent crypto projects. “Scammers are constantly evolving tactics, often adopting the latest technology to dupe victims,” ASIC Deputy Chair Sarah Court said. “We’re monitoring the latest trends and acting to protect Australians from those who try to steal from them.” Rising Crypto Risks Crypto-related scams now make up a larger share of online fraud. ASIC flagged common ploys including fake AI-powered trading bots, fraudulent websites impersonating legitimate firms, and AI-generated deepfake celebrity endorsements. Last year, the regulator warned that AI-driven scams were making it harder for ordinary investors to spot fraud. Despite global crypto scam losses topping $2.47 billion in the first half of 2025 — already higher than all of 2024 — investment scams in Australia appear to be trending downward. The country reported $73 million in losses so far this year, compared with $192 million in 2024 and $291 million in 2023. Crypto ATMs Under Scrutiny Authorities have also zeroed in on crypto ATMs, which they suspect are being misused in online scam networks. Earlier this year, AUSTRAC and the Australian Federal Police led a nationwide operation targeting ATMs linked to pig butchering scams and other fraud. Australia is home to the third-largest number of crypto ATMs worldwide, now nearly 2,000. New operating rules and transaction limits were rolled out in June to curb misuse. Between January 2024 and January 2025, more than 150 scam cases involving crypto ATMs were reported, with losses exceeding $2 million. A… The post Australia Cracks Down on 14,000 Online Scams appeared on BitcoinEthereumNews.com. Crime Australia’s financial regulator is ramping up its campaign against online scams after dismantling more than 14,000 fraudulent websites since July 2023 — over 3,000 of which involved crypto. The Australian Securities and Investments Commission (ASIC) said the effort is being extended to target deceptive social media advertisements, which have been increasingly used to push fake investment platforms, phishing schemes, and fraudulent crypto projects. “Scammers are constantly evolving tactics, often adopting the latest technology to dupe victims,” ASIC Deputy Chair Sarah Court said. “We’re monitoring the latest trends and acting to protect Australians from those who try to steal from them.” Rising Crypto Risks Crypto-related scams now make up a larger share of online fraud. ASIC flagged common ploys including fake AI-powered trading bots, fraudulent websites impersonating legitimate firms, and AI-generated deepfake celebrity endorsements. Last year, the regulator warned that AI-driven scams were making it harder for ordinary investors to spot fraud. Despite global crypto scam losses topping $2.47 billion in the first half of 2025 — already higher than all of 2024 — investment scams in Australia appear to be trending downward. The country reported $73 million in losses so far this year, compared with $192 million in 2024 and $291 million in 2023. Crypto ATMs Under Scrutiny Authorities have also zeroed in on crypto ATMs, which they suspect are being misused in online scam networks. Earlier this year, AUSTRAC and the Australian Federal Police led a nationwide operation targeting ATMs linked to pig butchering scams and other fraud. Australia is home to the third-largest number of crypto ATMs worldwide, now nearly 2,000. New operating rules and transaction limits were rolled out in June to curb misuse. Between January 2024 and January 2025, more than 150 scam cases involving crypto ATMs were reported, with losses exceeding $2 million. A…

Copy linkX (Twitter)LinkedInFacebookEmail