- ASIC has taken down 14,000 online scams since July 2023, with over 3,000 involving cryptocurrency.
- The regulator is expanding its enforcement to include social media advertisements used in scams.
- Global losses from crypto-related hacks and scams have reached $2.47 billion in the first half of 2025.
- Investment scams remain the most costly for Australians but reported total losses are decreasing.
- Authorities have increased oversight of crypto ATMs amid concerns these machines are used in scams.
Australian markets regulator ASIC has increased efforts to block online scams, taking down 14,000 fraudulent sites and ads since July 2023. More than 3,000 of these cases involved cryptocurrency, as scams targeting digital assets continue to grow.
< b >ASIC< /b > Deputy Chair Sarah Court stated in a public announcement that enforcement operations will now include removing scam content from social media platforms. She explained that the regulator uses its new “takedown” powers to refer suspicious websites for investigation and removal by a third-party cybercrime detection company.
Nearly 8% of scams ASIC removed last year related to crypto. In 2024, the agency averaged about 140 scam takedowns weekly, a slight decrease to 130 per week in 2025. “The takedown capability is one example of how we are monitoring the latest trends and acting to protect Australians from those who try to steal from them,” Court said. She pointed out that active scams often use false promises of Artificial Intelligence (AI)-driven trading returns, deepfake images, fake websites, and fraudulent celebrity endorsements.
Financial losses to investment scams remain the highest among Australians, with over $73 million lost so far in 2025, according to the country’s National Anti-Scam Centre. However, this figure is trending downward, compared to $192 million lost in 2024 and $291 million in 2023.
Experts warn that scammers are constantly updating their tactics. “While the latest data shows the coordinated work of the National Anti-Scam Centre is making progress in the fight against scams, there is still more work to do, and we urge Australians to stay vigilant,” Court said. She advised skepticism toward online testimonials, AI-powered profit promises, and unsolicited investment offers on direct messaging services.
Crypto ATMs are also under investigation over their role in facilitating scams. AUSTRAC and the Australian Federal Police (AFP) initiated countrywide crackdowns earlier this year. Australia now has the world’s third-highest number of crypto ATMs, with the number rising from 1,871 in June 2025 to 1,968 in August, according to Bitcoin-atm-australia/” rel=”noopener nofollow” title=”https://coinatmradar.com/country/13/bitcoin-atm-australia/”>Coin ATM Radar.
Between January 2024 and January 2025, ReportCyber received 150 scam reports involving crypto ATMs, resulting in losses exceeding $2 million (AFP). In June, AUSTRAC introduced new rules and transaction limits for crypto ATM operators in response to rising scam reports. Crypto has been identified as a policy focus for 2025.
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