ASIC’s website takedown capability
ASIC’s website takedown capability knocks out investment scam websites – be aware of red flags that a website may be a scam.
ASIC coordinates the removal of investment scam websites through its website takedown capability. The types of websites targeted include fake or imposter entities offering investment scams to Australians through fake investment trading platforms and cryptocurrency investment scams. It also includes investment scam ads promoted on social media.
Since July 2023 when we established the capability, we have coordinated the removal of tens of thousands of investment scam and phishing websites and online advertisements.
The website takedown capability also allows ASIC to identify common and emerging tools and techniques being used to by scammers. We incorporate this information into our anti-scam work to strengthen our takedown capability and share intelligence with other regulators and/or our regulated population as appropriate.
Stay up-to-date on ASIC’s website takedown capability
Collated below are media releases about ASIC’s takedown capability, which include images of websites knocked out by the capability.
Red flags that may indicate that a website is a scam
- Mismatch between the URL and the website content.
- Similar URL to either an existing site of a legitimate business or to a website about which ASIC or another regulator has issued a warning.
- The age of the website, as checked using a WHOIS search via whois.auda.org.au for .au websites or via lookup.icann.org, differs from claims made on the website.
- Unusual terminology and phrases on the website.
- The address on the website is partial or incorrect, for example only specifying the state or suburb of the business but not a street name and number.
- Requests for payment in digital assets, such as crypto.
- References to the business having an ASIC licence when the licence number is instead an Australian Company Number or belongs to an entity by a different name, as can be checked by searching ASIC’s Professional Registers.
- The details of the business on the website differ from those on ASIC’s Professional Register, even if the name doesn’t – scammers can impersonate licensees, including falsely using their name.
- Poor reviews online or warnings about the entity, which can be found by typing the entity name or website together with “scam” and/or “review” into a search engine and reviewing results carefully.
- Terms and conditions referencing a different company name or being silent on who you are dealing with.
- The content of the website differs to those in search results, i.e. products advertised via a search result description are not those offered on the website.
- Poor use of terminology for markets-based products – confusion between contracts for difference (CFDs), foreign exchange (FX), equities, shares, bonds.
- Poor grammar and spelling.
For more guidance visit Moneysmart: How to spot a scam website.