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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