Online investment trading scams
On 19 August 2024, ASIC announced that it had shut down over 7,300 phishing and investment scam websites. Since July 2023, ASIC removed:
- over 5,530 fake investment platforms
- 1,065 phishing scam hyperlinks, and
- 615 cryptocurrency investment scams
In 2023, Australians lost $1.3 billion to investment scams, making them the leading type of fraud in Australia.
ASIC urged consumers to be cautious of online trading and cryptocurrency scams on social media, and has previously highlighted the use of fake news articles and deepfake videos of public figures promoting these scams.
ASIC works closely with the National Anti-Scam Centre to disrupt scams through data sharing and coordinated actions.
ASIC encouraged consumers to stay informed by checking its Moneysmart website, which provides scam warnings and guidance on identifying fraudulent investments.
Strategic priorities expanded in 2024-25 Corporate Plan
On 22 August 2024, ASIC released its Corporate Plan covering the period 2024-25 to 2027-28. The plan contains ASIC’s strategic priorities and associated key activities, including:
Improve consumer outcomes
- addressing misconduct against vulnerable consumers and systemic non-compliance
- monitoring the adequacy of internal dispute resolution arrangements
- supporting the Delivering Better Financial Outcomes law reform
Address financial system climate change risk
- supporting the introduction of mandatory climate-related financial disclosure
- deterring greenwashing and sustainable finance misconduct
- examining how insurers are responding to customers in the context of climate change
Better retirement outcomes and member services
- acting against misconduct resulting in the inappropriate erosion of superannuation
- reviewing SMSF establishment advice
- driving industry progress towards improving retirement outcomes
- acting against member services failures in the superannuation sector
Advance digital and data resilience and safety
- monitoring the use of AI by licensees
- implementing a supervisory cyber and operational resilience program
- disrupting misconduct involving investment scams
Drive consistency and transparency across markets and products
- reviewing the growth in private markets
- implementing competition in clearing and settlement service rules
- monitoring financial reporting and audit firms
The plan also outlines other key activities ASIC will undertake, such as implementing the Financial Accountability Regime, implementing the Compensation Scheme of Last Resort, contributing to the development of the beneficial ownership regime, and ensuring the objectives of the reportable situations regime are met.
