Australia’s securities regulator ASIC is launching a verified public database of legitimate website addresses used by licensed financial firms, marking a strategic pivot in its fight against impersonation scams. Announced Wednesday, the initiative will publish web addresses of over 6,500 Australian financial services licensees on ASIC’s free Professional Registers Search platform within coming months.
The move addresses a surge in clone firm fraud, where scammers replicate genuine broker and super fund websites using stolen license numbers and branding to run fake investment advertisements. ASIC has already removed more than 10,000 fraudulent pages since 2023, averaging 130 weekly takedowns, but this whitelist approach flips the strategy from reactive enforcement to proactive consumer protection.
The register allows traders and investors to verify firms by searching company name, license number, or business registration details. ASIC noted roughly 20% of new investor alerts since late 2023 have involved licensee impersonation, including clones of its own Moneysmart consumer site.
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FXnCO Insight
** Financial professionals should immediately bookmark ASIC’s Professional Registers Search and verify all counterparty websites before conducting transactions or sharing client information.
Source: Finance Magnates