The Australian Securities and Investments Commission (ASIC) has taken down nearly 3500 investment scam websites since the launch of its scam website takedown capability in July 2023. The regulator's intensified efforts aim to protect Australians from digitally enabled misconduct, with a particular focus on investment scams.

ASIC Chair Joe Longo stated the cost-of-living issues mean more Australians are looking for ways to make ends meet and scammers are only too happy to try and take advantage.

"That's why ASIC is stopping investment scams at the source of their promotion, removing them from the internet before they can lure in unsuspecting consumers," he said.

The regulator's latest enforcement and regulatory update highlights its work in disrupting investment scams and its focus on surveillance activity to prevent consumer harm. ASIC is targeting market integrity, greenwashing, insurance failures, and promoting compliance with the law.

"We've already examined the way major banks detect, prevent and respond to scams, resulting in ASIC setting expectations that all financial institutions take steps to improve their approaches. We have now turned our attention to a broader range of banks and superannuation trustees to ensure they're doing all they can to protect their members and customers from predatory scammers," Longo said.

In the half year to 31 December 2023, ASIC secured almost $60 million in civil penalties and 9 criminal convictions. It launched 83 new investigations, commenced 19 new civil proceedings, criminally charged 19 individuals, and completed nearly 350 surveillances.

ASIC's future regulatory and surveillance work will scrutinise lenders' compliance with their hardship obligations, how banks support First Nations consumers to access low-fee accounts, and how superannuation trustees deliver important member services.

"Australians can continue to expect significant regulatory and surveillance work from ASIC in the coming months. We are scrutinising the way lenders comply with their hardship obligations, how banks support First Nations consumers to access low-fee accounts, and how superannuation trustees deliver important member services, such as how they handle death benefits claims. We will continue to work to ensure the financial system works for all Australians," Longo concluded.