ASIC cracks down on rip-off web sites

ASIC has shut down virtually 3,500 rip-off web sites since July 2023, because the regulator ramps up its surveillance and enforcement actions to safeguard shoppers from digital frauds.

The funding rip-off web sites had been taken down via ASIC’s rip-off web site takedown functionality.

The initiative, launched in July 2023, is a part of the regulator’s broader technique to fight digitally enabled misconduct and funding scams, aiming to guard shoppers from the rising menace of on-line fraud.

Intensified surveillance and enforcement efforts

ASIC’s enforcement efforts are designed to minimise and forestall client hurt whereas sustaining market integrity, tackling points corresponding to greenwashing, insurance coverage failures, and making certain compliance with authorized requirements.

ASIC Chair Joe Longo (pictured above) confused the important nature of the regulator’s work, particularly in gentle of cost-of-living challenges that make Australians extra susceptible to scams.

“ASIC is stopping funding scams on the supply of their promotion, eradicating them from the web earlier than they’ll lure in unsuspecting shoppers,” Longo stated in a media launch.

“We’ve already examined the way in which main banks detect, forestall, and reply to scams, leading to ASIC setting expectations that every one monetary establishments take steps to enhance their approaches.

“We’ve now turned our consideration to a broader vary of banks and superannuation trustees to make sure they’re doing all they’ll to guard their members and clients from predatory scammers.”

Important outcomes and future actions

ASIC has achieved important enforcement outcomes, together with securing practically $60 million in civil penalties and attaining 9 legal convictions within the half yr resulting in Dec. 31.

“We launched 83 new investigations, commenced 19 new civil proceedings, criminally charged 19 people, and accomplished practically 350 surveillances,” Longo stated. “ASIC is in courts and boardrooms throughout Australia virtually each single day of the week.” 

Longo highlighted the regulator’s ongoing and future efforts to scrutinise lenders’ compliance with hardship obligations, help for First Nations shoppers, and superannuation trustees’ supply of member providers.

“We are going to proceed to work to make sure the monetary system works for all Australians,” he stated.

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