The Australian Securities and Investments Commission (ASIC) has announced that the latest figures show that nearly 3,500 investment scam websites have been removed by ASIC since it launched the scam website removal feature in July 2023, and ASIC is stepping up its efforts to protect Australians from digital misconduct.。

ASIC's latest enforcement and regulatory updates highlight the regulator's investment fraud vandalism efforts, as well as the agency's focused surveillance activities to minimize and prevent harm to consumers, with the goal of market integrity, green cleaning and insurance failure, and promoting law-abiding。

Joe Longo, chairman of ASIC, said: "The cost of living issue means more Australians are looking for ways to make ends meet and scammers are happy to profit from it, so ASIC removes them from the internet before they lure unsuspecting consumers.。"

"We have conducted an examination of the way major banks detect, prevent and respond to scams, and as a result ASIC has raised expectations that all financial institutions will take steps to improve their methods."。We have now turned our attention to a wider range of banks and pension trustees to ensure they do all they can to protect their members and customers from predatory scammers.。

Longo also noted that ASIC's regulatory and enforcement units had achieved significant results and said further action would be taken.。

In the six months to December 31, 2023, ASIC received nearly $60 million in civil penalties and nine criminal convictions.。We opened 83 new investigations, launched 19 new civil lawsuits, criminally prosecuted 19 people, and completed nearly 350 investigations.。ASIC appears in courts and conference rooms across Australia almost every day of the week, "he said.。

"Australians can continue to look forward to ASIC undertaking substantial regulatory and oversight work in the coming months."。We are taking a closer look at how lenders meet hardship relief obligations, how banks support First Nations consumers to use low-fee accounts, and how pension trustees provide important membership services, such as how death benefit claims are handled.。We will continue to work to ensure that the financial system works for all Australians.。