ASIC Expands Crypto Scam Takedowns to Social Media
- ASIC expands crypto scam measures to social media platforms.
- Takedowns reach over 14,000 scam sites in two years.
- Protecting Australians from evolving crypto scam tactics.
The Australian Securities and Investments Commission (ASIC) has taken down over 14,000 scam websites in two years, with crypto-related sites comprising 20%, expanding efforts to social media ads.
This highlights the escalating threat of crypto scams, emphasizing the need for stringent regulatory measures to protect investors, as global crypto scam losses remain alarmingly high.
The Australian Securities and Investments Commission (ASIC) is now extending its cryptocurrency scam takedown actions to include social media ads.
This initiative aims to combat the rising threat of crypto scams, enhancing investor protection in a changing digital landscape.
ASIC Dismantles Over 14,000 Scam Sites Since 2022
The Australian Securities and Investments Commission reported removing over 14,000 scam websites in two years. Crypto scam sites represent a significant portion of these actions.
The initiative, led by ASIC Deputy Chair Sarah Court, highlights intensified efforts in targeting fraud through social media ads. This expansion follows the increasing prevalence of scams.
Broader Consumer Protection with Social Media Focus
These actions aim to significantly reduce consumer losses, which have been in the hundreds of millions in Australia. The move to include social media enlarges ASIC’s protective scope.
While the financial implications are broad, detailed funding impacts remain undisclosed. The primary focus remains safeguarding people from digital scams exploiting cryptocurrencies.
Sarah Court, Deputy Chair, ASIC, “Expanding our investment scam takedown capability to social media ads will help safeguard Australians” – ASIC Media Release
Crypto Scams Surge Over 20% by 2024
Past updates show an increase in scam activities related to cryptocurrencies. In August 2024, about 8% of scams were crypto-related—now surpassing 20%.
Historically, initiatives like this have reduced scams, but ongoing innovation in scam techniques suggests continuous efforts are necessary to maintain stability.
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