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Cybersecurity experts have appreciated the exclusive trial done on the behalf of the Australian Competition and Consumer Commission (ACCC) to crackdown the online scam platforms automatically. The respective trial witnessed several scam sites, taking into account crypto scams, bashed offline following the reporting of up to 300.

ACCC Tests Crypto Scam Websites’ Automatic Crackdown

As reported by ACCC, more than $113M worth in crypto had been lost by the Australians in the previous year. In the latest trial, the collaboration will be carried out with the Australian Securities and Investment Commission (ASIC) and its focus will be on effectively eliminating the scam portals after the regulators within Australia have been informed about them to shield the investors from becoming potential victim to the scams.

The ACCC has a contract with Netcraft (a United Kingdom-based entity) to avail the service of countermeasures as it has formerly been offering such a service to the National Cyber Security Center for the previous four years. A report from IT News mentions that the in advance taken down sites take into account phishing sites imitating the government authorities and businesses existing within Australia, along with tech support scams, crypto investment frauds, shoe scams, and puppy scams.

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The executive chairman of IFW Global (a private intelligence company) – Ken Gamble – appreciated this advancement. In his words, this counts as the best news ever heard by him after witnessing the drastic damage caused by such sites. He stated that these online crypto fraud platforms are not regulated and managed by malicious teams, and many of them belong to Eastern Europe, operating call centers and swindling millions from the citizens on daily basis.

Crypto Investors Suggested to Be Fully Aware

According to Gamble, the government authorities in Australia are also required to open hands for partnerships with the private sector-based entities to achieve actual success. In his words, people doing crypto research are frequently tempted through social media advertisements, convincing them to conveniently make money. As per him, crypto investors should be adequately diligent to acquire sufficient information about their business decisions and to keep away from likely scams.

A representative from a group of private investigators having expertise in crypto scams – Cyber Trace – disclosed that the most frequently utilized crypto scam type is “romance baiting.” This takes into account the victims conversing online with some romantic interest who assists them to join some prominent crypto exchange following assuring the target that they have received remarkable returns on their investment.

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Nathan Ferguson

By Nathan Ferguson

Nathan Ferguson is a talented crypto analyst and writer at Herald Sheets, dedicated to delivering comprehensive news and insights on the ever-evolving digital currency landscape. With a strong background in finance and technology, Nathan's expertise shines through in his well-researched articles and thought-provoking analysis. He holds a degree in Economics from the University of Chicago, and his passion for cryptocurrency drives him to stay up-to-date with the latest industry trends and developments.