The ACCC is relying on a Netcraft countermeasures service, which has previously served the National Cyber Security Centre in the United Kingdom.
A new attempt by the Australian Competition and Consumer Commission (ACCC) to automatically delete fraudulent websites has been greeted with enthusiasm by cybersecurity professionals. More than 300 fake sites, including cryptocurrency frauds, were removed after hundreds of complaints were made.
According to the ACCC, people lost $113 million in cryptocurrency scams last year. The new study will be conducted in collaboration with the Australian Securities and Investment Commission (ASIC) and will focus on removing fraudulent websites as soon as possible after they’ve been reported to Australian regulators to protect prospective investors from becoming victims of crypto fraud.
The ACCC is using Netcraft’s countermeasures service, which has been providing a comparable service to the National Cyber Security Centre of the United Kingdom for the past four years.
Sites already shut down include “phishing sites impersonating Australian businesses and government authorities,” according to an IT News report, as well as “puppy scams, shoe scams, cryptocurrency investment scams, and tech support scams.” Ken Gamble, executive chairman of IFW Global Inc., welcomed the development.
“This is the greatest news I’ve heard,” he said. “I’ve seen how these sites have been used by sophisticated fraudsters to wreak havoc with state-of-the-art digital marketing methods:” “These crypto scam websites are uncontrolled, organized by criminal organizations headquartered in Eastern Europe that use call centers to take millions of dollars from parents all around the world every day.”
Dr. Gamble added that the Australian government must also be willing to work with the private sector in order to achieve actual results.
Researchers and romantics, beware! “Hollywood style professional videos” are used to attract people interested in cryptocurrency, enticing them to believe that it is simple to make money: “If someone wants to invest $10,000 into cryptocurrency, they should spend $1,000 doing due diligence checks to ensure it is a genuine platform… If it turns out to be a scam, it will be the finest $1,000 they have ever spent.”
“If you’re investing in cryptocurrency, you need to do your own due diligence because many sites steal from larger organizations to defraud potential investors.” He added, “Potential investors should at the very least conduct checks to ensure that the platform is licensed and has all of the required financial license numbers.”
The most prevalent cryptocurrency fraud, according to a representative from Cyber Trace, a group of private investigators that specializes in crypto fraud, is “romance baiting.” This occurs when victims talk to a romantic interest online and are induced to join up for a large cryptocurrency exchange after being told they have made “significant earnings on investment.”
The fraudster will then request that the victim send “a tiny portion of up to $200” to their platform, where they will fiddle around with numbers on their end to appear credible. They’ll offer the victim the chance to withdraw this amount in order to gain their trust.” Once the victim sees how simple it is to make money and withdraw it, they begin investing “more and more…and don’t get much out after that point.”
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