Australia’s market regulator plans to intensify its fight against online scams after dismantling 14,000 such schemes since July 2023, with more than 3,000 related to crypto.
The scams encompass investment fraud, phishing sites, and misleading online ads. ASIC Deputy Chair Sarah Court noted that ASIC’s efforts to combat investment scams will extend to social media advertising.
“Our takedown capabilities exemplify how we are tracking emerging trends to safeguard Australians against those who aim to exploit them.”
Global losses from cryptocurrency hacks, scams, and exploits reached $2.47 billion in the first half of 2025, marking an almost 3% rise from the $2.4 billion lost in 2024.
Crypto Scams on the Rise This Year
ASIC initiated its scam disruption operation in July 2023, leveraging new takedown authority, which includes referring suspicious sites to a cybercrime detection firm for investigation and removal.
According to ASIC’s scam update in August last year, approximately 8% of the scams taken down were crypto-related, with an average of around 140 takedowns per week in 2024.
This year’s weekly average has dipped slightly to 130 takedowns.
ASIC identified some frequent scams, including fraudsters posing as users of AI-driven trading bots, counterfeit websites mimicking legitimate ones, and fake news articles featuring fraudulent AI celebrity endorsements.
Last year, ASIC flagged deepfakes and other AI-generated images as an escalating issue, complicating fraud detection for the average person.
Investment Scams Lead in Losses but Show a Decline
Investment scams continue to be the primary type of fraud affecting Australians, with losses surpassing $73 million reported this year, as per the National Anti-Scam Centre.
However, losses seem to have dropped since at least 2023, as evidenced by $192 million taken from victims in 2024 compared to $291 million in 2023.
The total losses Australians have incurred from investment scams appear to be decreasing, with $73 million reported so far this year, against $192 million in 2024. Source: National Anti-Scam Centre
Court mentioned that scammers continuously adapt their methods, often leveraging the latest technologies to deceive victims.
“Although the current data reflects progress in the collaborative efforts of the National Anti-Scam Centre against scams, much work remains, and we encourage Australians to remain alert,” she emphasized.
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Additionally, ASIC reiterated the importance of skepticism towards all testimonials, celebrity endorsements, promises of AI-generated returns, and investment offers via WhatsApp, Telegram, and other direct messaging platforms.
Crypto ATMs Under Scrutiny
This year, Australian regulators have also focused on crypto ATMs, which they suspect may be associated with certain online scams.
Australia’s financial intelligence agency, AUSTRAC, alongside the Australian Federal Police (AFP), undertook a nationwide effort to address the criminal use of crypto ATMs, including cases involving pig butchering victims and suspected perpetrators, earlier this year.
Australia ranks third globally in crypto ATM installations, with a total of 1,968, and continues to grow as of the last count.
Australia’s crypto ATM count has increased from 1,871 in June to 1,968 in August. Source: Coin ATM Radar
In June, AUSTRAC introduced new operating regulations and transaction limits for crypto ATM operators as a measure to combat scams. The agency had also highlighted crypto as a priority area for 2025 last December.
Australia’s online cybercrime reporting platform, ReportCyber, received 150 distinct reports of scams involving crypto ATMs between January 2024 and January 2025, according to the AFP, with losses exceeding $2 million (approximately $3.1 million Australian dollars).
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