ASIC Expands Scam Takedown Powers to Social Media

The Australian Securities and Investments Commission (ASIC) has expanded its scam-fighting tools to include the removal of fraudulent investment advertisements on social media platforms. The move builds on the agency's existing website takedown program, which has been active for two years.

Since the program's launch, ASIC reports that more than 14,000 scam and phishing websites have been shut down, with an average of 130 sites removed each week. By extending this effort to social media advertising, the regulator hopes to prevent more Australians from being funneled into fake investment schemes.

"Expanding our investment scam takedown capability to social media ads will help safeguard Australian consumers," said ASIC Deputy Chair Sarah Court. "Our traditional toolkit—investigations, court actions, administrative actions—are important, but they can't combat the scourge of online scams on their own."

In its latest enforcement update, ASIC also highlighted the top five trends it has observed among investment scams over the last six months. These include:

• ​Claims of AI-powered trading bots that promise unrealistic returns,

• ​Professional-looking templates and fake documents that mimic legitimate companies,

• ​Embedding third-party tools such as live trading charts to enhance credibility,

• ​Fake news articles featuring AI-generated celebrity endorsements, and

• ​Cloaking tactics, where scam websites change appearance depending on a visitor's device or location.

According to the National Anti-Scam Centre, Australians lost $945 million to investment scams in 2024, making them the single most damaging scam type in terms of financial losses. Although total scam losses across all categories have fallen by nearly 26% compared with 2022, when losses peaked at $3.1 billion, regulators warn that criminals continue to refine their tactics using advanced technology.

ASIC said consumer vigilance remains essential and that the regulator would continue evolving its approach to stay ahead of new scam methods.