As it marks the first-year anniversary of investment scam disruption, ob体育 announced today the takedown of more than 7,300 phishing and investment scam websites that seek to swindle consumers out of their information.
Since July 2023, ob体育 has coordinated the removal of over 5,530 fake investment platform scams, 1,065 phishing scam hyperlinks and 615 cryptocurrency investment scams.
Investment scams remain the leading type of scam impacting Australians, resulting in . ob体育 reminds all consumers to remain vigilant to social media hyperlinks that promote online trading and cryptocurrency investments.
Today鈥檚 announcement follows ob体育鈥檚 warning about fake news articles and deepfake videos of public figures that endorse online investment trading platform scams, particularly on social media. Investment trading platform scams accounts for the largest component of ob体育鈥橲 website takedowns.
Scammers use digital platforms, including social media, to lure unsuspecting consumers, directing them to scam websites. Shutting down these websites disrupts the transmission of the scam and breaks the link between scammers and their potential targets.
Deputy Chair Sarah Court said: 鈥楢ustralians are still losing billions of dollars each year to scams. Scammers are criminals targeting the hip pockets of hard-working Australians 鈥� they don鈥檛 discriminate, and they use sophisticated techniques to steal information and money.
鈥楾he scams landscape is rapidly evolving. Innovative technology developments may improve how we live and work, however they also provide new opportunities for scammers to exploit.
鈥楨very day an average of 20 investment scam websites are taken down. The quick removal of malicious websites is an important step to stop criminal scammers from causing further harm to Australians.
鈥楽cammers will continue to adapt and find new ways to lure consumers, and ob体育 remains proactive in detecting and disrupting investment scams,鈥� Ms Court added.
ob体育 regularly issues consumer warnings and conducts targeted surveillance to combat scams. Its close partnership with the National Anti-Scam Centre has included sharing data and intelligence and implementing disruption action as demonstrated by the recent investment scam fusion cell. ob体育 is working with the National Anti-Scam Centre to make Australia a harder target for scammers.
Background
Scams are a core strategic priority for ob体育
Combating and disrupting investment scams is a core strategic priority for ob体育. Our investment scam and phishing website takedown disruption capability is part of the government鈥檚 Fighting Scams initiative to disrupt scams and protect Australians from financial harm.鈥�
ob体育 works with other government agencies and industry to coordinate scam disruption strategies including through the National Anti-Scam Centre (NASC) and co-leading the first NASC Fusion Cell, focused on Investment Scams. The NASC鈥檚 2023 targeting scams report reported a drop in overall losses from investment scams from $1.5 billion in 2022 to $1.3 billion in 2023. The downward trend in losses correlates to several key government and industry initiatives such as ob体育鈥檚 investment scam website takedown capability.
How the takedown capability works
ob体育 refers suspicious websites to a third-party company specialising in cybercrime detection and disruption. Once evidence of malicious activity is confirmed, the takedown process begins, including identifying relevant parties who can help to take the attack offline. The types of websites targeted include fake or imposter entities offering investment scams to Australians through fake investment trading platforms and cryptocurrency investment scams.
(Click to enlarge)
Examples of investment scam websites taken down
Quantum AI: ob体育鈥檚 takedown disruption capability interrupted scammers who used celebrities and high-profile Australians to promote fake investment trading platforms, such as Quantum AI, claiming to use AI technology and quantum computing to generate high returns for investors. Fake celebrity endorsements, including from people such as Chris Hemsworth and Elon Musk, are used in these scams to entice consumers to enter into investments with low initial costs and unrealistic returns. View the and the consumer warning.
Cryptocurrency investment scam takedown - Dexa Trade Markets: ob体育 received an investment scam report from an Australian consumer about falling for an online cryptocurrency investment scam that falsely claimed it was internationally regulated, had billions in trading volume and millions of investors. Take-down occurred an hour after ob体育 referred the website to the takedown provider. Other potential investors were warned by ob体育 issuing a warning through its investor alert list. View the .
Helping consumers stay informed about scams
ob体育 publishes investment scam warnings and through its consumer website, , information on investment scams. Moneysmart provides detailed information on investment scams and how they work, including impostor bond scams, superannuation scams, and cryptocurrency scams.
There are steps consumers can take to minimise the risk of being scammed, including:
- check ob体育 Moneysmart鈥檚 to help keep you informed about investments that could be fraudulent, a scam or unlicensed.
- go to ob体育 Moneysmart鈥檚 to see how you can check if the company or person is licensed or authorised to offer the investment.
ob体育鈥檚 Moneysmart investor alert list helps to inform consumers about investments that could be fraudulent, a scam, or unlicensed. It also includes 鈥榠mpostor鈥� entities who impersonate or falsely claim to be associated with a legitimate business (impersonation scam).
Consumers should remember to:
STOP 鈥� Don鈥檛 give personal information or act on investment advice you have come across on social media. Don鈥檛 feel pressured to invest. If you have any doubts, stop communicating with them.
CHECK 鈥� Ask yourself if you really know what you are investing in. Scammers can create fake news and reviews to make an investment seem legitimate. Do an internet search to see if there are warnings about this investment scam, including if a well-known public figure has warned about being impersonated. And check ob体育鈥檚 website to confirm if the person or entity offering the investment is licenced or authorised to do so.
REPORT 鈥� Act quickly if something feels wrong. If you have shared financial information or transferred money, contact your bank immediately. Help others by reporting scams to Scamwatch.