ASIC Shuts Down 600 Crypto Scams in 12 Months, Warns of AI-Driven Fraud Tactics Targeting Investors

Australia's financial watchdog, the Australian Securities and Investments Commission (ASIC), is making strides in the fight against crypto scams

Australia’s financial regulator has shut down over 600 crypto scams in 12 months, highlighting the evolving fraud tactics targeting investors.

The Australian Securities and Investments Commission (ASIC) closed down a total of 5,530 fake investment platforms and 1,065 phishing hyperlinks in the last year.

However, ASIC Deputy Chair Sarah Court warned that the fight against scams is far from over, with fraudsters rapidly adapting to new technologies.

One area of particular concern is the use of artificial intelligence (AI) by scammers, making it increasingly difficult for consumers to distinguish between legitimate and fraudulent content.

Scammers are misusing fake celebrity endorsements, including those of Australian actor Chris Hemsworth and tech entrepreneur Elon Musk, to lure victims into low-cost, high-return investment schemes.

These scams often use fabricated news articles and reviews to create an illusion of legitimacy, highlighting the need for investors to be vigilant and conduct thorough research before making any commitments.

In June, over 35 YouTube channels simultaneously live-streamed an AI-generated imitation of Musk’s voice, promising doubled cryptocurrency returns for those who participated in the scam.

Just weeks later, Bitcoin consulting firm The Bitcoin Way reported another instance of a deepfake scam using Musk’s voice.

ASIC also exposed Dexa Trade Markets, a fraudulent crypto investment firm, in July. The firm falsely claimed global regulation, high trading volume, and a large client base.

However, ASIC’s probe revealed that Dexa Trade Markets lacked the necessary licenses to operate in Australia, and the firm was shut down.

In response to the prevalence of crypto scams, some view AI as a potential tool in the fight against fraud.

SingularityNET CEO Ben Goertzel suggests that AI can analyze data and reports, offering customized summaries of a crypto entity’s reputation.

While not perfect, such tools could identify risks and help consumers make better investment choices.

Meanwhile, the issue of crypto scams extends beyond deepfakes. The Australian Competition and Consumer Commission (ACCC) found that over half of crypto ads on Facebook may be scams or breach Meta’s ad policies.

However, Meta contests this, stating that the data is outdated and that it has taken steps to resolve the problem.

위 내용은 ASIC Shuts Down 600 Crypto Scams in 12 Months, Warns of AI-Driven Fraud Tactics Targeting Investors의 상세 내용입니다. 자세한 내용은 PHP 중국어 웹사이트의 기타 관련 기사를 참조하세요!