ASIC Expands Investment Scam Takedowns to Social Media Ads

Australian authorities are intensifying efforts to combat online scams, particularly investment fraud, by expanding capabilities to include social media advertisements. The Australian Securities & Investment Commission (ASIC) has taken down over 14,000 scam and phishing websites since launching its takedown program two years ago, currently removing about 130 sites weekly. ASIC has identified emerging scam trends such as AI washing, use of sophisticated website templates, leveraging legitimate third-party content, fake news articles, and cloaking techniques that tailor content based on user location and device. ASIC Deputy Chair Sarah Court emphasized that while traditional enforcement tools remain important, proactive takedown capabilities are critical to disrupting scammers' access to Australians. Meanwhile, cybersecurity experts highlight that despite a 26% reduction in reported scam losses, evolving technological threats like AI-enhanced phishing and deepfake content require ongoing vigilance from organizations and individuals. Significant gaps in organizational cyber resilience persist, with many entities overestimating their capabilities, underscoring the need for increased preparedness in the face of more sophisticated digital fraud threats.