Asic taking down average of 20 scam websites a day

As technology has become more sophisticated, it has become increasingly difficult for the average person to detect scams, Asic says. Photograph: Jochen Tack/Alamy

More than 7,300 websites have been taken down in the first year of operation of the Australian Securities and Investment Commission’s service targeting investment scams, the regulator has revealed.

Since the beginning of the program in July 2023, Asic said it had shut down thousands of scam websites that offer fake investment trading platforms and cryptocurrency investments that are often spread online through social media containing false celebrity endorsements.