Australian regulators have dismantled 14,000 scams since 2023, of which 21% are related to cryptocurrencies, an increase of 8% compared to the previous year.
The Australian Securities and Investments Commission (ASIC) is expanding its campaign against online fraud, having dismantled more than 14,000 cases since July 2023. Notably, over 3,000 cases — accounting for 21% — are directly related to cryptocurrency, indicating that cybercrime is increasingly focusing on this sector. This figure has increased sharply compared to the report in August last year when cryptocurrency scams accounted for only about 8% of the total detected cases.
ASIC Vice Chair, Ms. Sarah Court, emphasized that the agency is enhancing oversight and enforcement, particularly regarding advertising on social media platforms: “This ability to dismantle is evidence of our close monitoring of emerging trends and action to protect the people of Australia.”
According to the National Anti-Fraud Centre, although investment fraud remains the type that causes the most damage, the level of financial loss has significantly decreased, from $291 million in 2023 to about $73 million as of now this year.
The total amount of money Australians have lost due to investment scams appears to be on a downward trend with $73 million recorded since the beginning of this year, compared to $192 million in 2024. Source: National Anti-Fraud Centre
However, fraudulent crime continues to change tactics. ASIC has recorded many sophisticated schemes, including fake artificial intelligence trading bots, phishing websites that mimic legitimate platforms, as well as fake articles using deepfake images of celebrities to build trust. The rapid development of AI technology makes it more difficult for ordinary investors to identify fraud.
The battle is not limited to cyberspace but also extends to physical infrastructure. The Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Federal Police (AFP) have launched a nationwide campaign targeting cryptocurrency ATM systems, which are suspected of serving illegal activities, including the pig butchering scam.
Australia currently has the third-largest number of cryptocurrency ATMs in the world, with nearly 2,000 machines. Within a year, the ReportCyber system has recorded 150 scams related to these ATMs, causing losses of over $2 million. In response, AUSTRAC has issued new operating regulations and imposed stricter transaction limits on ATM operators.
Officials warn investors to maintain a skeptical attitude towards promises of unrealistic profits, especially those invitations through messaging apps like WhatsApp or Telegram.