australia

Australia’s securities regulator has shut down over 330 fake investment websites this year, which exploited images of billionaires to lure victims into fraudulent “get-rich-quick” schemes. This marks a 25% increase compared to the same period last year.
Scammers abused the faces of prominent business figures such as Andrew “Twiggy” Forrest, Gina Rinehart, and packaging magnate Anthony Pratt to give cloned platforms a false sense of legitimacy.

The Power of “Social Proof”
Psychologists say fraudsters exploit the principle of social proof—the tendency of people to follow those they see as successful or authoritative. ASIC warns that celebrity photos and quotes were used without consent, solely to deceive the public.
Commissioner Alan Kirkland emphasized:
“These fraudulent websites promise unrealistic returns and misuse celebrity images to build credibility. Consumers must always stop, check, and protect.”
The regulator noted a spike in July, when scammers tried to exploit heightened financial interest at the start of the new fiscal year.

AI Gives Scammers New Weapons
The rise of artificial intelligence has supercharged fraud operations on an unprecedented scale. ASIC highlights troubling new tactics, including:
🔹 Cloned investment platform websites

🔹 Fake news articles promoting scams

🔹 AI “trading bots” promising impossible returns
According to the National Anti-Scam Centre, Australians lost $945 million to investment scams in 2024 alone—making it the single largest source of financial fraud losses.
ASIC now removes an average of 130 malicious websites per week—most being crypto scams, phishing portals, and fake investment platforms. In just two years, the regulator’s program has taken down more than 14,000 fraudulent sites.

Tougher Rules and Aggressive Enforcement
Under chairman Joe Longo, ASIC has undergone a transformation:
🔹 50% more investigations launched year-on-year

🔹 20% more civil proceedings compared to the previous period
Longo explained:
“Our operating environment is more complex than ever. ASIC must respond quickly and effectively to protect the financial system and the community.”
The regulator is also updating its rules for algorithmic and AI trading, which now accounts for around 85% of trades on Australia’s listed markets. Proposed changes would require mandatory “kill switches”—emergency cut-offs for risky automated trading activity.

Advice to Consumers: Don’t Get Hooked
ASIC is also warning against aggressive social media ads that promote “free pension health checks” or services to help locate lost superannuation funds. These offers often turn into high-pressure sales tactics and promises of unrealistic returns.
The regulator advises:

🔹 Hang up immediately if you feel pressured

🔹 Remember that moving retirement savings is a major financial decision and should never be rushed

#Australia , #scam , #CryptoFraud , #AI , #CyberSecurity

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The Australian government has decided to tighten its proposed social media ban for users under 16 by adding YouTube to the list of platforms that will fall under new regulations. YouTube now joins TikTok, Instagram, and Snapchat on the list of sites where minors will no longer be allowed to create or use accounts without parental consent. The policy is expected to take effect by the end of 2025.

YouTube was originally left off the list, which sparked strong reactions from the public and tech competitors. Critics pointed out that YouTube is often the first online experience for children—used for entertainment, education, and social interaction. At the same time, the platform also gives young users easy access to inappropriate or harmful content. Experts argued that excluding YouTube would have undermined the effectiveness of the entire law.

Secret Deal with Google and Push for Equal Rules
The controversy intensified after reports emerged that former Communications Minister Michelle Rowland had privately assured Google that YouTube would be exempt from the new law. The revelation raised concerns about Big Tech’s influence over policymaking and whether the approach was truly fair. Companies like Meta (which owns Facebook and Instagram), TikTok, and Snap Inc. argued that for the law to be credible, it must be applied uniformly across all platforms.
In response, the government announced that YouTube would be added to the regulations. The only exception is the YouTube Kids app, which offers parental controls and curated child-friendly content.
Companies will be required to implement robust age verification systems and parental consent mechanisms, and violations could result in heavy fines. Communications Minister Anika Wells acknowledged that tech-savvy kids may still try to bypass restrictions and urged platforms to take all reasonable steps to prevent that.
Public reactions remain mixed. Some parents and safety experts welcome the move as a step forward in combating cyberbullying and online addiction, while others worry it could restrict access to valuable educational and creative tools widely used by children. Still, Australia is joining a growing global trend toward stricter digital protections for minors, following similar discussions in the United States, United Kingdom, and the European Union.

#YouTube , #Regulation , #CyberSafety , #worldnews , #Australia

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Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

A seismic geopolitical shift is shaking the global tech landscape! The United States and Australia have just inked a landmark partnership to dismantle China’s decades-long dominance over the rare earth materials that power the modern world. 💥
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