Regulators In Australia Start Crackdown On Hundreds Of Crypto Scam Websites. This action is a way for the government to tackle fraud. These websites have made Australians lose millions in cryptocurrency scams. The Australian Competition and Consumer Commission (ACCC) has offered a new trial to cybersecurity analysts to fix this issue.
The Australia Crypto Scam Websites
The scam websites allegedly made millions from the actions. Last year, these websites gained $113 million in cryptocurrency scams. The ACCC responded to this issue by shutting down more than 300 websites. Some of these websites are phishing and imitating Australian businesses or authorities. They also have shut down websites related to investment and technology support scams.
— CoinShots⚡ Crypto News & Stats 🚀 (@coinshots) July 21, 2022
The ACCC’s Actions to Shut Down the Scam Website
Responding to the scam’s issue, the ACCC has offered a new trial to the cybersecurity analysts, which they have welcomed openly. This new trial suggests the ACCC shut down these scam websites automatically. Cybersecurity analysts are not the only ones involved in this trial. The Australian Securities and Investment Commission (ASIC) will also join hands to avoid scam websites in the future. They will work closely with the Australian regulators to make Australians more comfortable and safe in this industry.
In addition to these actions, Netcraft is also involved in avoiding scam websites in Australia. Netcraft is a UK-based service that has worked with the UK’s National Cyber Security Centre, providing similar services.
Warning about advertisements on Facebook has been given to minimize scams. These advertisements can lure people by using famous artists or inviting words such as, “it is easy to make money.”