New data from the Australian Securities and Investments Commission (ASIC) revealed its crackdown on scammers last year led to the closure of 10,000 investment websites and advertisements.
The “ASIC enforcement and regulatory update: July to December 2024” stated the corporate watchdog forced 10,240 scam sites to shut down, which included 7227 fake investment platforms, 1564 phishing links and 1257 cryptocurrency investment cons.
It also launched court action against HSBC Australia in December last year after it alleged the bank failed to protect customers from scams that cost them millions.
The legal action coincided with ASIC’s report on the anti-scam practices of 15 banks, outside the major four, which highlighted significant areas for improvement.
ASIC deputy chair Sarah Court said since 2023, the agency had removed on average 130 investment scam websites weekly.
“Scammers are using increasingly sophisticated technology to steal money from hard-working Australians with investment scams that can look shockingly legitimate,” Court noted.
“This new data demonstrates that ASIC is making Australia safer by stamping out these scams before they reach Australians.”
According to the report, the regulator increased its investigations by 31 per cent to 109 new probes, commenced 15 fresh court actions and completed 376 surveillances in the closing six months of 2024.
The update also reported the regulator was successful in the majority of its civil and criminal prosecutions, which secured $46.6 million in civil penalties and 13 criminal convictions.
ASIC chair Joe Longo acknowledged the outcomes the regulator achieved were due to more efficiently processed intelligence, which led to earlier commencement of investigations and surveillances.
“We anticipate the increased number of investigations we have commenced will flow through to significant compliance, enforcement and consumer outcomes in the year ahead,” Longo said.
“As outlined in our 2025 enforcement priorities, banks, insurance companies and superannuation trustees are on notice and we are concerned by the inconsistencies and complacency we have observed.”
ASIC said it is committed to ensuring its enforcement activities for 2025 will focus on the increased cost-of-living pressures faced by consumers and preventing financial harm.
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