Australia has increased efforts to crack down on scam websites, adding social media ads to the list amid a rise in crypto fraud. Since being charged with the power to take down fraudulent websites, the ASIC has shut down about 14,000 investment scam and phishing websites, recording an average of 130 removals every week.
In the past six months, the commission has warned about AI-washing, scam website templates, fake news articles, exploitation of third parties, and cloaking as the most used scam tactics in the country. The agency also sounded out a note of warning over methods like deepfakes and AI-generated images in its 2024 review, warning that they make it harder for people to identify scams.
Australia increases crackdown on fraudulent schemes
Authorities in Australia have also claimed that investment scams are becoming more sophisticated and damaging. Since July 2023, ASIC has overseen the removal of more than 14,000 scam websites and advertisements across the country, with at least 3,000 of these scams having ties to crypto. Now, its takedown powers are being extended to cover social media ads.
Sarah Court, the Deputy Chair of ASIC, noted that while the traditional tools, including investigations, court action, and administrative enforcement, are still important, the agency has discovered that they are not enough to combat the rise of these scams. The regulator’s ability to take down websites was an example of how ASIC was evolving to deal with the challenges and to help protect Australians from fraudsters, she added.
She also noted that the expansion to cover social media ads will also help them block more scammers from directing people towards online investment scams, protecting users in Australia from the rising menace. She also asked residents in Australia to be cautious, noting that much still needs to be done.
So far, investment scams remain the biggest driver of financial losses among Australians, with the National Anti-Scam Centre estimating $945 million lost in 2024 alone. While the losses are down 25.9% compared with 2022’s record of $3.1 billion, the commission still insists on consumer vigilance as scam tactics continue to evolve. The commission also asked Australians to take their time before making investment decisions.
ASIC records $57.5 million in H1 penalties
In its latest update, the ASIC mentioned that it was able to secure six convictions and $57.5 million in civil penalties. Among the penalties was an $8 million fine for Firstmac Limited, marking the first enforcement action against a distributor for DDO non-compliance.
The Supreme Court of NSW also imposed $16.8 million in penalties on Allianz Australia Insurance Limited and AWP Australia Pty Ltd after finding them guilty of making false or misleading statements. The court determined that from 2016 to 2018, Allianz and AWP misrepresented aspects of their travel insurance by publishing misleading information on Allianz’s domestic and international travel insurance web pages.
HCF Life Insurance Company Pty Limited was also fined $750,000 and asked to publish corrective disclosures after discovering that a pre-existing condition clause in some of its policies would likely mislead consumers. In addition, the regulator sued Choosi in June 2025 for falsely claiming that it compared products from various funeral and life insurers.
