Australia’s financial regulator ASIC has announced that new data has revealed almost 3,500 investment scam websites have been blocked by ASIC’s scam website removal capability since it was launched in July 2023, as ASIC steps up its efforts to protect Australians from digital enabled bad behavior.
ASIC’s latest enforcement and regulation update highlights the regulator’s work to prevent investment fraud, as well as its focus on monitoring activity to minimize and prevent consumer harm, targeting market integrity, greenwashing and insurance failures and promoting compliance with legislation.
ASIC chairman Joe Longo said,
“Cost of living issues mean more Australians are looking for ways to make ends meet and fraudsters are only too happy to try to take advantage. That’s why ASIC is stopping investment scams at the source of their promotion, removing them from the internet before they can lure unsuspecting consumers.
“We have already looked at how major banks detect, prevent and respond to fraud, with ASIC setting expectations that all financial institutions take steps to improve their approaches. We have now turned our attention to a wider range of banks and pension managers to ensure they are doing all they can to protect their members and customers from predatory fraudsters.”
Mr Longo also highlighted significant results across ASIC’s regulatory and enforcement areas and outlined further actions to come.
“In the six months to 31 December 2023, ASIC secured almost $60 million in civil penalties and 9 criminal convictions. We opened 83 new investigations, launched 19 new civil proceedings, charged 19 people and completed nearly 350 follow-ups. ASIC is in courts and boardrooms across Australia almost every day of the week,” he said.
“Australians can continue to expect significant regulatory and supervisory work from ASIC in the coming months. We look at how lenders are complying with their onerous obligations, how banks are supporting First Nations consumers to access low-fee accounts, and how superannuation managers are providing important member services, such as how which handle claims for death benefits. We will continue to work to ensure the financial system works for all Australians,” Mr Longo concluded.