Australia’s Crackdown on Online Scams
Australia’s financial regulatory body, the Australian Securities and Investments Commission (ASIC), has announced plans to intensify its fight against online scams, having already neutralized a staggering 14,000 fraudulent schemes since July 2023. Among these, over 3,000 scams were allegedly linked to cryptocurrency, highlighting the growing prevalence of digital currency frauds. The types of scams include investment schemes and deceptive phishing websites, many of which have been detected through online advertising platforms.
Focus on Social Media Advertisements
As a part of this expanded crackdown, ASIC’s Deputy Chair, Sarah Court, revealed in a statement that regulators would now focus on eliminating scams found in social media advertisements as well.
“Our takedown capabilities exemplify our commitment to actively monitor emerging threats and safeguard Australians from those intent on exploiting them,”
Court commented.
Rising Cryptocurrency Fraud
This increase in malicious cryptocurrency activities comes on the heels of a global surge in losses related to crypto scams, hacks, and exploits, which reached $2.47 billion in the first half of 2025, marking a nearly 3% rise from the previous year. The regulatory body first initiated its dedicated anti-scam operations in mid-2023, empowered by new takedown authorities which involve escalating the removal of questionable websites to a third-party cybercrime detection firm.
In an August report from last year, ASIC noted that around 8% of all removed scams were related to cryptocurrencies, with an average of 140 verifications each week in 2024, although this has slightly dipped to 130 per week in the current year. Among the various schemes being monitored, scammers have increasingly resorted to using artificial intelligence to simulate trading bot systems, fabricate websites that mimic authentic organizations, and create fake news articles that feature misleading endorsements from celebrities generated through AI technology.
Concerns Over Deepfake Technology
Concerns are also rising regarding deepfake technology as it complicates identification of scams for ordinary users. Investment scams continue to be the primary source of financial loss for the Australian populace, with nearly $73 million reported in losses this year alone according to the National Anti-Scam Centre. Interestingly, the total losses from scams have decreased over time, with $192 million reported stolen from victims in 2024 compared to $291 million in 2023.
Court recognized that scammers are continuously adapting their methods, integrating the latest technological advancements to mislead potential victims.
“Although the data illustrates progress made by the National Anti-Scam Centre in combating fraudulent schemes, vigilance among Australians must not wane,”
she urged, advising skepticism towards exaggerated claims tied to testimonials, celebrity endorsements, and investment propositions circulated through platforms like WhatsApp and Telegram.
Regulatory Efforts and Cryptocurrency ATMs
In addition, regulatory efforts have also expanded to include scrutiny of cryptocurrency ATMs suspected of facilitating scam activities. Collaborations between AUSTRAC, Australia’s financial intelligence agency, and the Australian Federal Police have led to initiatives targeting the misuse of crypto ATMs, increasingly linked to scams, including the notorious pig-butchering schemes. Australia ranks as the third-largest country for crypto ATMs globally, with a current count of approximately 1,968 units.
In an effort to combat this wave of fraud, in June the AUSTRAC enforced new operational protocols and transaction limitations for crypto ATM operators. The agency designated cryptocurrency as a significant priority for 2025, as reported data indicates that between January 2024 and January 2025, ReportCyber received 150 instances of reports concerning scams involving crypto ATMs, resulting in losses exceeding $2 million (approximately $3.1 million AUD).
