Australian regulator tests auto take-down of crypto scam sites
Australian Crypto Scam
Modified Date:- Published Date:-Categories: Cryptocurrency
Australian regulator tests auto take-down of crypto scam sites
Cyber security experts have welcomed a new test by the Australian Competition and Consumer Commission (ACCC) to automatically remove scam websites. The trial looked at dozens of scam sites, including cryptocurrency scams, which were knocked offline after more than 300 were reported. The ACCC reported that Australians lost $113 million in cryptocurrency scams last year.
The new trial will take place in partnership with the Australian Securities and Investments Commission (ASIC) and will focus on efficiently removing scam websites, once Australian regulators are notified, in order to protect potential investors from falling prey to crypto fraud.
ACCC is using a countermeasures service from United Kingdom-based Netcraft, which has been providing a similar service to the UK's National Cyber Security Center for the past four years. According to a report by IT News, the previously removed sites include "phishing sites impersonating Australian businesses and government officials" as well as "puppy scams, shoe scams, cryptocurrency investment scams and tech support scams".
Ken Gamble, executive chairman of private intelligence firm IFW Global, praised the development. He told Cointelegraph that this is "the best news he's heard," as he has "seen the damage done to these sites by sophisticated fraudsters using state-of-the-art digital marketing techniques," said a representative from CyberTrace, a private investigator.
A team specializing in cryptocurrency fraud told Cointelegraph that “romance baiting” is the most common cryptocurrency scam.This involves making victims talk online with a romantic interest who helps them sign up to a major cryptocurrency exchange after telling the victim that they have made a "great return on investment."
The fraudster will then ask the victim to send "a small amount of up to $200" to their platform, where "they will go around the numbers on their end to show the victim that they have already made a profit, they need to transfer this amount." Offered to withdraw. To gain their trust." Once the victim sees how easy it is to make a profit and withdraw their money, they "start investing more and more and don't make much profit after that point."
Cryptocurrency Scam, ASIC, ACCC, Cryptocurrency fraud, Cyber Security, Cyber Trace, CoinTelegraph