- ASIC took down 615 crypto scams in the year since launching Anti-scam Centre
- Phishing scams and fake investment platforms have outpaced crypto scams, with 1,065 and 5,530 takedowns, respectively
- Investment scams resulted in $1.3 billion in losses in 2023
The Australian Securities and Investments Commission (ASIC) took down 615 crypto scams in the year since it publicly announced a crackdown on investment scams of all types. Despite the high number, crypto scams came a distant third to phishing scam hyperlinks (1,065) and fake investment platform scams (5,530). ASIC revealed its anniversary results today, noting that investment scams remain the leading type of scam impacting Australians, resulting in $1.3 billion in losses in 2023. One of its most publicized successes was against NGS Group and other related entities, which took victims for over $40 million.
Anti-scam Centre Reaping Results
ASIC launched its National Anti-scam Centre last year alongside the Australian Competition and Consumer Commission (ACCC), utilizing support from banks, telecommunications, and digital platforms. Its primary goal was to disrupt investment scams and reduce financial losses for Australians in order to reduce the $1 billion being lost to victims per year.
The Anti-scam Centre played a crucial role in preventing scammers from reaching victims, such as removing fraudulent investment websites, therefore reducing the online presence of these deceptive schemes. By facilitating the sharing of critical information between sectors, the cell enabled more coordinated and effective actions against these scams.
Public education was another key focus, helping Australians to better recognize and avoid falling victim to investment scams. Additionally, the cell gathered valuable intelligence, which was shared with law enforcement agencies both in Australia and internationally, further strengthening efforts to combat these harmful activities.
NGS Group Among Scams Taken Down
The centre appears to have been a success, with 615 crypto scams among the 7,201 in total disrupted over the past 12 months. This includes the much-publicized NGS Group, which scammed investors out of $41 million by establishing self-regulated superannuation funds, converting the money to cryptocurrency, and investing it in blockchain mining packages with fixed-rate returns.
