ASIC pledges to continue online scam blitz

The corporate regulator has revealed online scammers will remain “squarely in the crosshairs”, with 130 investment scams shut down weekly.

New data released by ASIC highlights the agency’s commitment to protecting the Australian public from online scams, with over 10,000 investment scam websites and online advertisements having been shut down.

The latest enforcement and regulatory update showed 10,240 of the most common sites removed by the corporate regulator included 7,227 fake investment platform scams, 1,564 phishing scam hyperlinks, and 1,257 crypto investment scams.

ASIC said it had commenced court action against HSBC Australia in December, as it was alleged it had failed to adequately protect customers scammed out of millions of dollars.

The action followed reports into anti-scam practices of 15 banks outside the major four and identified “significant room for improvement.”

Sarah Court, deputy chair of ASIC, said since the regulator established its capability in 2023, it had helped shut down an average of 130 investment scam websites each week.

“Scammers are using increasingly sophisticated technology to steal money from hard-working Australians with investment scams that can look shockingly legitimate,” Court said.

“This new data demonstrates that ASIC is making Australia safer by stamping out these scams before they reach Australians. ASIC will continue to protect Australians from scams by removing them before they reach consumers and holding financial institutions accountable for their scam detection and response practices.”

ASIC also outlined in its recent report that in the last six months of 2024, investigations had been increased by 31 per cent to 109 new investigations, commenced 15 new court actions and completed 376 surveillances.

The body was also successful in the majority of its civil and criminal prosecutions, securing $46.6 million in civil penalties and 13 criminal convictions.

Joe Longo, chair of ASIC, said the outcomes that had been achieved by the regulator over the last six months highlighted that its organisational redesign and a refreshed executive team were making a positive impact.

“The changes we have made mean ASIC is able to more efficiently process intelligence, leading to earlier commencement of investigations and surveillance,” Longo said.

“We anticipate the increased number of investigations we have commenced will flow through to significant compliance, enforcement and consumer outcomes in the year ahead.”

Longo added that the 2025 enforcement priorities outlined that banks, insurance companies and superannuation trustees were on notice, as the regulator was concerned by the inconsistencies and complacency it had observed.

The report also detailed action against NAB, QBE, Cbus trustee United Super, as well as a review of bank customers on low incomes.

ASIC’s 2025 enforcement priorities will continue to reflect the increased cost of living pressures faced by consumers and aim to prevent financial harm, Longo said.

“Using our regulatory toolkit, we’ve focused on landmark cases and compliance actions that deliver financial outcomes and protect consumers and investors.”

Imogen Wilson
03 March 2025
accountantsdaily.com.au

Mark Lisle

Mark is our managing partner and has been with the firm for over 36 years. He brings a wealth of experience in all areas of our business, including business advisory, taxation and self managed superannuation.

Mark’s ethos is that good advice stems from working closely with our clients and being prepared to go that extra step to assist them in meeting their goals and optimising their financial position.

Mark is a Fellow of Chartered Accountants Australia and New Zealand, an accredited SMSF Specialist and a registered SMSF auditor.

Outside of work, Mark enjoys trying to keep fit and spending time down at his “second home” in Port Fairy.

Josh Laing

Joshua began working at Rundles in 1999 whilst still completing his Bachelor of Business (Accountancy) degree at RMIT. After graduating in 2001 he was admitted to the Institute of Chartered Accountants Australia and New Zealand in 2004. Joshua spent two years working in London before returning to Rundles in 2006.

Josh has a wealth of knowledge across a broad range of industries as well as in Self Managed Superannuation. Josh enjoys working with family groups and businesses to ensure they’re structured correctly to maximise asset protection, succession planning and management of tax.

Married with 2 children, Josh spends his weekends with his family and following the Tigers.

Brad Roach

Brad has been a part of the Rundles Team since 1996 and became a Partner of the firm in 2014. During his time at Rundles, Brad has developed a strong relationship with his clients across a wide range of industries and is dedicated to assisting them to reach their personal and business goals.

Brad is passionate about seeing his clients succeed and utilises his extensive experience in public practice to provide a holistic service to his clients. He also has a wealth of experience in superannuation, particularly self managed superannuation funds.

In his spare time, Brad likes to play a round of golf with friends and enjoys watching his two sons play various sports.

Peter Davison

Peter graduated from RMIT with a Bachelor of Business (Accountancy) with distinction in 1976. He joined Rundles upon graduating. Peter has been a member of the Institute of Chartered Accountants since 1979 and a Fellow since 1991. As an active yachtie of many years, Peter can often be found on the water. Otherwise, he and his wife spend time with their friends and extended family.

Sandy Gilbert

Sandy was admitted to the Institute of Chartered Accountants in 1973 and has been a Fellow since 1983. He gained extensive experience in auditing and accounting services over seven years at Pannell Kerr Forster before joining Rundles in 1973. Sandy is married with three children. A former amateur footballer of some note, Sandy is still an avid follower of the game and enjoys weekends at his country retreat.