Australia’s markets regulator, ASIC, has taken down 14,000 online scams since July 2023, with over 3,000 involving cryptocurrency. The scams include investment fraud and phishing websites, often found in online ads. ASIC plans to expand its enforcement to include social media ads. In 2024, crypto scams accounted for about 8% of the total, with an average of 140 weekly takedowns, now slightly reduced to 130. Investment scams remain prevalent, with reported losses in 2023 totaling $291 million, dropping to $192 million in 2024, and further reduced this year to $73 million. New scams exploiting AI technology, fake websites, and celebrity endorsements continue to emerge. Australian regulators are also scrutinizing crypto ATMs linked to scams, with 1,968 ATMs in operation. AUSTRAC and the Australian Federal Police plan further actions to combat scams associated with these ATMs. ASIC urges Australians to remain vigilant and skeptical of investment opportunities that seem too good to be true, particularly those promoted via direct messaging platforms.

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