Spot the difference: Government watchdog warns about the alarming number of scam websites online
- Replies 9
In the digital age, the internet has become a part of our daily lives.
While the internet gives us a vast pool of information, it's also important to stay vigilant against the dangers lurking around.
The Australian Securities and Investments Commission (ASIC) recently shed light on the alarming rate at which fraudulent websites emerge online.
On average, the ASIC takes down at least 20 scam sites daily.
This staggering statistic showed that scammers have some dedication to exploiting Australians, particularly those who are not tech-savvy.
ASIC's diligent work in the past year took down over 7,300 scam sites.
These sites included 5,530 fake investment platforms, 1065 phishing links, and 615 cryptocurrency scam sites.
These efforts led to a decrease in reported scam losses.
According to 2022 data, reports stated that Australians lost about $1.5 billion to these scam platforms.
Fast forward to 2023, the reported losses lowered to $1.3 billion.
However, the fight against scammers is far from over.
The rise of generative artificial intelligence (AI) gave scammers a new set of tools to create more convincing schemes.
'The scams landscape is rapidly evolving,' ASIC Deputy Chair Sarah Court stated.
'Innovative technology developments may improve how we live and work. However, they also provide new opportunities for scammers to exploit.'
Some of these generative AI platforms use celebrities like Elon Musk to endorse a fake investment platform.
Deep fake AI videos and fabricated news articles were also on the list, as they were designed to trick people for money and sensitive information.
In light of Scam Awareness Week 2024, starting next week, regulators and financial service providers will have educational programs to talk about the prevalent scams in the Australian market.
The ASIC also shared a few reminders.
Before engaging with any online investment platform, ASIC urged Australians to visit their Moneysmart website first.
Moneysmart contains valuable financial information where people can see investor alerts and verify the legitimacy of an investment platform.
They also warned about investment opportunities on social media and urged people to double-check the organisation's legitimacy.
If you encounter any suspicious activity from any investment website, report it immediately to Scamwatch.
By staying informed and alert, you can help safeguard not only your finances but also your identity.
Have you or someone you know encountered a scam recently? Share your experiences in the comments section below to help others avoid similar scams.
While the internet gives us a vast pool of information, it's also important to stay vigilant against the dangers lurking around.
The Australian Securities and Investments Commission (ASIC) recently shed light on the alarming rate at which fraudulent websites emerge online.
On average, the ASIC takes down at least 20 scam sites daily.
This staggering statistic showed that scammers have some dedication to exploiting Australians, particularly those who are not tech-savvy.
The ASIC started targeting fake investment platforms and websites to prevent further scam losses among Australians. Image Credit: Pexels/Pixabay
ASIC's diligent work in the past year took down over 7,300 scam sites.
These sites included 5,530 fake investment platforms, 1065 phishing links, and 615 cryptocurrency scam sites.
These efforts led to a decrease in reported scam losses.
According to 2022 data, reports stated that Australians lost about $1.5 billion to these scam platforms.
Fast forward to 2023, the reported losses lowered to $1.3 billion.
However, the fight against scammers is far from over.
The rise of generative artificial intelligence (AI) gave scammers a new set of tools to create more convincing schemes.
'The scams landscape is rapidly evolving,' ASIC Deputy Chair Sarah Court stated.
'Innovative technology developments may improve how we live and work. However, they also provide new opportunities for scammers to exploit.'
Some of these generative AI platforms use celebrities like Elon Musk to endorse a fake investment platform.
Deep fake AI videos and fabricated news articles were also on the list, as they were designed to trick people for money and sensitive information.
In light of Scam Awareness Week 2024, starting next week, regulators and financial service providers will have educational programs to talk about the prevalent scams in the Australian market.
The ASIC also shared a few reminders.
Before engaging with any online investment platform, ASIC urged Australians to visit their Moneysmart website first.
Moneysmart contains valuable financial information where people can see investor alerts and verify the legitimacy of an investment platform.
They also warned about investment opportunities on social media and urged people to double-check the organisation's legitimacy.
If you encounter any suspicious activity from any investment website, report it immediately to Scamwatch.
By staying informed and alert, you can help safeguard not only your finances but also your identity.
.png){kind=icon}
