The markets regulator in Australia is planning to broaden its initiative against online fraud after dismantling 14,000 scams since July 2023, with more than 3,000 related to cryptocurrency.
This includes investment fraud and phishing sites discovered in online ads. ASIC Deputy Chair Sarah Court stated that ASIC’s enforcement actions against investment scams will now extend to social media advertisements.
“The ability to take down scams is a clear demonstration of how we are tracking the latest trends and working to safeguard Australians from those aiming to defraud them.”
Global losses from cryptocurrency hacks, scams, and exploits totaled $2.47 billion in the first half of 2025, marking a 3% rise from the $2.4 billion lost in 2024.
The rise of crypto scams this year
ASIC initiated its scam disruption operation in July 2023, utilizing new takedown authority that includes referring suspicious websites to a cybercrime detection firm for investigation and elimination.
The scam update from ASIC in August of the previous year indicated that approximately 8% of the scams they dismantled were related to cryptocurrency, averaging around 140 takedowns weekly in 2024.
This year, the average slightly declined to 130 weekly takedowns.
ASIC pointed out several prevalent scams, including fraudsters faking the use of AI-driven trading bots to promise returns, fake websites mimicking legitimate ones, and deceptive news articles featuring phony AI-generated celebrity endorsements.
Last year, ASIC identified deepfakes and other AI-crafted images as an escalating issue, as they made it increasingly challenging for the average individual to spot fraud.
Investment scams lead in losses, but trends are declining
Investment scams continue to be the most significant threat to Australians, with losses exceeding $73 million reported so far this year, according to the National Anti-Scam Centre.
Nevertheless, losses have seemingly been reducing since 2023, with victims losing $192 million in 2024 compared to $291 million in 2023.
Court remarked that scammers are continually adapting their strategies, often utilizing the latest technologies to deceive victims.
“While the recent data suggests that the organized efforts of the National Anti-Scam Centre are yielding progress in combating scams, there is still considerable work to be done, and we encourage Australians to remain alert,” she added.
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ASIC emphasized the necessity of maintaining a healthy skepticism regarding all testimonials, celebrity endorsements, promises of AI-generated returns, and investments offered through platforms like WhatsApp, Telegram, and other messaging apps.
Crypto ATMs are also under scrutiny
This year, Australian regulators have focused on crypto ATMs, suspected of being linked to certain online scams.
The Australian financial intelligence agency, AUSTRAC, alongside the Australian Federal Police (AFP), conducted a nationwide operation against the criminal utilization of crypto ATMs, including cases involving victims and suspected offenders, earlier this year.
Australia holds the third-largest number of crypto ATMs in the world, totaling 1,968 and growing as per the latest count.
In June, AUSTRAC implemented new operating protocols and transaction limits for crypto ATM operators aimed at reducing scams. In December, the agency also designated crypto as a focus area for 2025.
Australia’s online cybercrime reporting platform, ReportCyber, logged 150 unique scam reports involving crypto ATMs between January 2024 and January 2025, according to the AFP, with reported losses exceeding $2 million (around $3.1 million AUD).
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