Australia ASIC Expands Crackdown on Online Scams as Crypto Fraud Rises

Australia financial regulator, ASIC, is stepping up its fight against online scams after dismantling 14,000 fraudulent websites since July 2023, more than 3,000 of which were linked to cryptocurrency. 

The ASIC said its enforcement efforts will now extend to include social media advertisements, which are increasingly being used to lure victims.

ASIC Deputy Chair Sarah Court noted that the regulator’s “takedown capability” has become a key tool in monitoring scam trends and preventing financial losses. The announcement comes as global losses from crypto scams, hacks, and exploits reached $2.47 billion in the first half of 2025, a slight increase from the $2.4 billion stolen in all of 2024.

ASIC Finds Tons of Crypto-Linked Scams

Since launching its disruption operation in mid-2023, ASIC has averaged more than 130 scam website takedowns per week in 2025. A large share of these involve crypto fraud, ranging from fake trading bots promising unrealistic profits to websites impersonating legitimate exchanges. Other schemes include hoax articles featuring AI-generated celebrity endorsements to add false credibility.

Last year, ASIC flagged the growing use of deepfakes and AI-generated content, which makes it increasingly difficult for ordinary users to detect fraud. Court emphasized that scammers are constantly evolving their tactics, often adopting the latest technology to stay one step ahead of regulators and victims alike.

Despite the challenges, investment scams remain the largest contributor to financial losses in Australia. The National Anti-Scam Centre reported over $73 million lost in 2025 so far, though the figure is trending downward from $192 million in 2024 and $291 million in 2023.

Crypto ATMs Under Increased Scrutiny

Australia is also intensifying their focus on crypto ATMs, which have been linked to online fraud and pig-butchering schemes. The country, which ranks third globally for crypto ATM installations with nearly 2,000 machines, has seen scammers exploit the service to launder stolen funds.

In June, AUSTRAC — Australia’s financial intelligence agency — imposed new rules and transaction limits for ATM operators to curb abuse. ReportCyber, the nation’s online fraud reporting portal, logged 150 scam cases involving crypto ATMs between January 2024 and January 2025, with losses exceeding $2 million (A$3.1 million).

Authorities continue to urge Australians to treat celebrity endorsements, AI-generated investment promises, and unsolicited offers on messaging apps with extreme caution.