Australia Expands Crackdown on Online Scams Amid Rising Crypto Fraud

According to Cointelegraph, Australia's financial regulatory body is intensifying its efforts to combat online scams, having dismantled 14,000 fraudulent schemes since July 2023. Among these, over 3,000 scams were related to cryptocurrencies. The scams, which include investment frauds and phishing websites, are often found in online advertisements. Sarah Court, Deputy Chair of the Australian Securities and Investments Commission (ASIC), announced that the agency's enforcement efforts will now extend to social media advertisements. She emphasized the importance of monitoring trends to protect Australians from financial theft. Globally, losses from crypto-related hacks, scams, and exploits reached $2.47 billion in the first half of 2025, marking a nearly 3% increase from the $2.4 billion reported in 2024. ASIC's scam disruption initiative, launched in July 2023, utilizes new powers to refer suspicious websites to a third-party cybercrime detection company for investigation and removal. An update from ASIC last year indicated that approximately 8% of the scams dismantled were crypto-related, with an average of 140 takedowns per week in 2024. This year, the average has slightly decreased to 130 weekly takedowns. Common fraudulent schemes include fake AI-powered trading bots, counterfeit websites, and fraudulent AI-generated celebrity endorsements. ASIC has also highlighted the growing challenge posed by deepfakes and AI-generated images, which complicate fraud detection. Investment scams continue to be the most prevalent type of fraud affecting Australians, with reported losses exceeding $73 million this year, according to the National Anti-Scam Centre. However, there is a downward trend in losses, with $192 million reported in 2024 compared to $291 million in 2023. Sarah Court noted that scammers are continually evolving their tactics, often leveraging new technologies to deceive victims. Despite progress made by the National Anti-Scam Centre, she urged Australians to remain vigilant against scams. In addition to online scams, Australian regulators are scrutinizing crypto ATMs, which are suspected of being linked to fraudulent activities. The Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Australian Federal Police (AFP) have led a nationwide crackdown on the criminal use of crypto ATMs. Australia ranks third globally in the number of crypto ATMs, with 1,968 machines as of August 2025. In June, AUSTRAC introduced new operating rules and transaction limits for crypto ATM operators to combat scams. The agency has also prioritized crypto as a focus for 2025. ReportCyber, Australia's online cybercrime reporting system, received 150 reports of scams involving crypto ATMs between January 2024 and January 2025, with losses exceeding $2 million.