ASIC expands crackdown on online investment scams by targeting social media
ASIC expands crackdown on online investment scams by targeting social media
The Australian Securities and Investment Commission (ASIC) will soon expand its scam website takedown powers to include predatory social media ads. The move aims to prevent scammers from using platforms like Facebook and Instagram to direct consumers to fraudulent investment sites. This escalation reflects the growing urgency to protect Australians from sophisticated online scams.
The expanded capability allows ASIC to go beyond traditional enforcement tools, like investigations and court actions, to combat scams where they are most active in 2025: online.
While coordinated efforts like those of the National Anti-Scam Centre are making progress, investment scams remain the leading source of financial loss, costing Australians $945 million in 2024 alone.
The weight of investment scams
According to ASIC’s latest Enforcement and Regulatory Update, more than 14,000 investment scams and phishing websites have been removed since the agency gained its takedown capabilities two years ago. ASIC continues to remove around 130 malicious sites each week, showing the persistence and adaptable nature of online scammers.
ASIC’s website takedown initiative has revealed the top five online investment scams from the past six months:
- AI washing: Scammers falsely claim their trading bots use artificial intelligence to deliver passive income and extraordinary returns, exploiting public interest in AI to build credibility
- Scam website templates: Convincing scam sites that use polished templates, fake corporate documents, and chatbot plugins to mimic legitimate financial services
- Misuse of third-party content: Authentic-looking third-party tools, such as live trading charts and chat interfaces, are embedded to make fake platforms appear trustworthy
- Fake news articles: AI-generated news pages featuring fabricated endorsements from celebrities and prominent Australians are used to collect personal information and promote scams
- Cloaking: Scam websites display different content depending on the visitor’s location and device, making them harder to detect and take down.
Between July 2023 and June 2025, ASIC coordinated the removal of:
- 8,330 fake investment platform scams
- 3,015 cryptocurrency investment scams
- 2,465 phishing scam hyperlinks.
Consumer advice - Stop, check, protect
ASIC urges Australians to follow a simple three-step approach to avoid falling victim to scams:
- Stop: Don’t rely on testimonials, celebrity endorsements, or professional-looking websites. Be cautious of investment offers via WhatsApp, Telegram, or direct messaging
- Check: Confirm the company is licensed by ASIC and listed on the Moneysmart Investor Alert List
- Protect: Know how to report scams and what to do if something goes wrong.
Protect your organisation from scams
Scam awareness is critical. By following ASIC’s Stop. Check. Protect. framework and partnering with experts like BDO, organisations can reduce risk, protect their reputation, and empower their teams to respond confidently.
How BDO can help
BDO’s forensic services team help organisations prevent, detect, and respond to scams. Contact us today to learn how our forensic experts can help you strengthen your scam response or investigate suspicious activity.
