The number of fraudulent websites working to steal your personal info has grown exponentially in the past year, but the latest figures from the Australian Securities and Investments Commission (ASIC) show the situation could have been much worse.
The data shows that since July 2023, ASIC has overseen the closure of more than 7300 phishing and investment scam websites seeking to cheat Aussies out of their information.
The full breakdown includes more than 5530 fake investment platforms, 1065 phishing scam hyperlinks and 615 cryptocurrency investment scams.
Investment scam sites most prevalent
Investment scam websites can be anything from a fake stock tips newsletter that asks for your personal details to sign up to full-blown fake share market trading platforms luring in unsuspecting victims.
The ASIC data shows investment scams are the leading type of scam in terms of dollars lost, resulting in $1.3 billion lost in 2023.
Many of these investment scam websites are advertised using AI-generated fake celebrity endorsements and articles, a practice ASIC has warned of before.
Phishing scams were the second most common scam type recorded by ASIC. These types of scams are looking to trick you into giving up personal information. They usually come in the form of fraudulent emails or text message purporting to be from real companies. Often the text says you have an unpaid bill or something similar, and to click the link provided.
Clicking the link will take you to a fake website, often a clone of the company’s real site. From here, scammers try to steal info such as online banking logins, credit card details or passwords.
ASIC deputy chair Sara Court says scammers are getting much more sophisticated in their approach, making it difficult to stop them all.
“Australians are still losing billions of dollars each year to scams. Scammers are criminals targeting the hip pockets of hard-working Australians – they don’t discriminate, and they use sophisticated techniques to steal information and money,” Ms Court said.
“The 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.”
She says ASIC takes down an average of 20 investment scam websites each day.
“The quick removal of malicious websites is an important step to stop criminal scammers from causing further harm to Australians.”
How does ASIC actually get these sites taken down?
When a scam website is detected or reported, ASIC then refers the site to a third-party company specialising in cybercrime detection and disruption.
Once that company confirms there is indeed malicious activity, ASIC begins the takedown process by contacting parties that can stop the attack.
This could include internet service providers, telecommunications companies or government agencies, depending on where the attack is originating from.
Have you ever been the victim of a scam? Do you think you could spot a fake website? Let us know in the comments section below.
Also read: How to keep yourself safe from money recovery scams
