The Australian Securities and Investments Commission is intensifying its crackdown on fraudulent investment schemes, shutting down 130 scam websites per week.
In its latest half-yearly update, ASIC reported the removal of 2,460 scam websites and online ads, bringing the total blocked since mid-2023 to over 10,000.
This includes 7,227 fake investment platforms, 1,564 phishing scams, and 1,257 sites targeting cryptocurrency investors.
ASIC has ramped up enforcement amid rising financial pressures, launching 109 investigations—a 31% increase—securing 13 criminal convictions (up 44%), and filing 15 new civil cases.
Recent legal actions include cases against HSBC Australia for failing to protect customers from $23 million in scams, and National Australia Bank (ASX:NAB) for allegedly neglecting 345 hardship support applicants.
A banking review found excessive fees charged to low-income customers, leading to $28 million in refunds.
ASIC also took QBE Insurance (ASX:QBE) to court for allegedly misleading 500,000 customers on discounts and penalized financial firms for greenwashing.
Mercer Superannuation was fined $11.3 million, Vanguard Investments Australia $12.9 million, and Macquarie Bank $4.995 million for market gatekeeper failures.
Chair Joe Longo emphasised ASIC's focus on high-impact cases to protect consumers and maintain financial integrity.