Australia’s financial regulatory body, the Australian Securities and Investments Commission (ASIC), announced that it successfully dismantled nearly 12,000 phishing and fraudulent investment websites throughout 2025.
Experts indicate that advancements in artificial intelligence (AI) have transformed cybercrime into a “supermarket aisle,” enabling scammers to select their methods of attack more efficiently. This ongoing evolution in technology has established a relentless game of cat and mouse between regulators and cybercriminals.
ASIC reported that it coordinated the removal of 11,964 scam websites, a substantial increase of 90 percent compared to the previous year, when 6,270 sites were taken down. This figure averages out to about 32 websites shut down daily, or approximately 230 each week.
Alan Kirkland, an ASIC commissioner, shared with ABC that there has also been an 11 percent decrease in reported financial losses from investment scams in Australia, suggesting that their efforts are yielding positive results. “This indicates that we need to remain vigilant, but we are making a difference,” he noted.
ASIC employs a third-party provider to actively scan the internet for investment scam websites. Upon identification, these sites are referred to ASIC for verification and subsequent removal. Reports from the public and financial institutions, such as banks, also contribute to this process. “It’s crucial for us to stay alert to emerging scam websites,” Kirkland emphasized.
Since the inception of its take-down service in 2023, ASIC has continuously adapted its strategies to combat these threats. Kirkland pointed out that AI has two significant impacts on scams: it facilitates the rapid creation of fraudulent websites and is utilized as a persuasive tool to lure potential investors. Many scam websites now promote trading technologies, claiming that their bots can generate higher and faster returns than human traders. “Scammers leverage the allure of AI to market their fraudulent schemes,” he explained.
Since launching its service, ASIC has shut down over 25,000 phishing and investment scam websites and removed more than 1,100 fraudulent investment advertisements from social media platforms.
According to the National Anti-Scam Centre’s latest Targeting Scams Report, Australians lost a staggering $2.18 billion to scams in 2025, with a total of 481,523 scams reported to various authorities. The report also highlighted the increasing sophistication of scams, attributed to scammers using AI to enhance their deceptive content.
The federal government’s Scamwatch has raised concerns about the use of AI in crafting fake videos and audio, which helps scammers tailor their schemes more effectively. Paul Haskell-Dowland, a professor of Cyber Security Practice and Associate Dean of International and Strategic Partnerships at Edith Cowan University, remarked on the ease with which scammers can now generate multiple websites, saying, “With AI, you can create not just one but hundreds of websites almost instantaneously.” He noted that previous methods were cumbersome and easily identifiable, but the advancements in AI have changed the landscape dramatically.
Haskell-Dowland characterized the current scam environment as a “service industry,” where the tools available to scammers resemble a menu from which they can choose various options to construct their schemes. “It’s akin to navigating a supermarket aisle, selecting components, and allowing these tools to assemble a scam,” he explained. Moreover, these technologies enable scammers to optimize their approaches for specific target audiences, particularly high-net-worth individuals, using data from platforms like LinkedIn and social media to tailor their messages.
In response to the growing threat from online scams, new legislation introduced in February would hold technology companies, banks, and other entities accountable for reimbursing scam victims. This Scam Protection Framework mandates that social media platforms verify advertisers, banks authenticate payee identities, and telecommunications companies detect and prevent scam-related communications.
To protect yourself from online scams, ASIC offers several recommendations: avoid sharing personal information or acting on investment advice received through social media, conduct internet searches for warnings about potential scams, and report any suspicious activity to your bank or Scamwatch promptly.
However, the timeline for implementing mandatory regulations across various sectors remains unclear. Kirkland emphasized that the protection framework will be crucial in adapting to the evolving nature of online scams.
