Nearly 3500 scam websites shut down in major government swoop
Almost 3500 scam websites have been knocked out in a major government crackdown on fraudsters looking to strip cash from Australians.
The Australian Securities and Investments Commission (ASIC) wiped out thousands of websites in just six months and is in the process of taking down another 350 sites.
ASIC boss Joe Longo said scammers had ramped up their efforts to "take advantage" of cash-strapped Aussies in the cost of living crisis.
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New data has revealed nearly 3500 investment scam websites have been knocked out by ASIC's scam website takedown capability since it was launched in July last year. Getty images
The financial watchdog was pursuing investment scam and phishing websites, Longo said, "removing them from the internet before they can lure in unsuspecting consumers".
ASIC was out to hammer the scammers with fines and prison sentences, he said.
The watchdog secured almost $60 million in civil penalties and nine criminal convictions in the second half of 2023.
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In that period, ASIC launched 83 new investigations, commenced 19 civil proceedings, criminally charged 19 individuals and completed nearly 350 surveillances, he said.
"We have continued to take matters to court and to pursue the higher penalties now available to the courts," Longo said.
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