ASIC Scam-Buster Working Overtime

The Australian Securities & Investments Commission, also known as ASIC proved to be extremely effective in 2023 with their ASIC scam-buster tech. 

The regulatory authority has successfully identified and taken action against fraudulent investment and cryptocurrency platforms, as well as impersonator sites, according to official statements.

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The Budget Working Effectively

The regulator emphasised the effectiveness of its newly established facility, which received an injection of $17.6 million from the 2023–2024 budget. 

This facility is designed to swiftly identify impersonator sites and other fraudulent schemes, allowing for their prompt disabling or removal.

Assistant Treasurer Stephen Jones, highlighted the government's ongoing initiatives aimed at combatting investment scams, which have accounted for 60% of financial losses. 

The focus is on eliminating difficult-to-detect fraudulent activities. These may involve the use of deceptive statements that downplay investment risks or promise unrealistically high returns.

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How Are Scams Identified? 

The identification of scams is also based on certain red flags, including the absence of a specific business address, the unauthorised use of reputable companies in websites or email addresses, and instances where individuals are asked to make additional payments to access funds that are already invested.

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Conclusion

In essence, Assistant Treasurer Stephen Jones is actively addressing fraudulent practices and enhancing efforts to eradicate scams that may not be easily noticeable.

The commitment to identifying and countering various tactics employed by fraudsters  underscores the importance of ongoing vigilance and awareness among the public.

If you’re looking for safe investment options, get in touch with the team at Supavest. 

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