Over 7,300 Scam Websites Banned by Australian Financial Regulator

The Australian Securities and Exchange Commission (ASIC) shut down more than 7,300 scam websites during the 2023-24 financial year, across a wide range of scam types.

Scammers use fake investment platforms, phishing websites, celebrity endorsements, fake news and other methods to deceive financial consumers, as well as potentially posing as banks or legitimate financial services companies.

ASIC has used reports received by regulators and the Australian Competition and Consumer Commission's (ACCC) Scamwatch to find more scams, and has also entered into partnerships with third-party technology service providers to identify and act on such sites.

The Australian Anti-Scam Cente's Fusion Cell brings experts from government and the private sector. The cekk submitted suspected fraudulent websites to be assessed to ASIC between August 2023 and February 2024 and helped to combat 220 investment scam websites in the six months.

In addition, the Moneysmart Investor Alert list, which has been updated since 2023, has added more than 700 new sites with more than 150,000 views, helping financial consumers avoid potential scams.