Australians lost $113 million last year as a result of bitcoin frauds, according to the ACCC. In order to prevent potential investors from falling victim to cryptocurrency fraud, the new trial, which will be conducted in collaboration with the Australian Securities and Investment Commission (ASIC), will concentrate on quickly and effectively removing scam websites after they have been reported to Australian regulators.

Security experts have applauded the Australian Competition and Consumer Commission’s (ACCC) new trial of shutting down fraudulent websites automatically. After more than 300 scams were detected, the trial saw dozens of scam websites, including cryptocurrency scams, taken down.

The development was welcomed by Ken Gamble, executive chairman of the private intelligence company IFW Global. Having “watched the damage these sites created by sophisticated fraudsters have done utilising state-of-the-art digital marketing strategies,” he told a publishing house that this is “the best news he has heard.”

According to Gamble, to achieve true success, Australian government organisations must also be willing to work with the private sector.

“These crypto scam websites are unregulated, organized by criminal groups, many residing in Eastern Europe, who operate call centres, taking millions from mums and dads across the world every day.”

As per Gamble, Facebook advertising frequently targets those who are investigating cryptocurrencies and “lures them in” by showing them “Hollywood-style professional movies” that demonstrate how simple it is to generate money.

Investing in cryptocurrencies should be done with great research, he advised— as many websites imitate larger businesses in an effort to defraud potential investors. He advised prospective investors to “verify to make sure the platform is regulated, with all the right financial licence numbers,” at the very least.

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