Scammers will have to watch their backs with the introduction of the Australian Securities and Investments Commission's (ASIC) new web-based investigative tool Scamseek. The regulator has spent 16 months testing the product and hopes the software will more easily identify websites promoting illegal financial schemes or individuals offering advice without a licence.

ASIC Director of Enforcement Keith Inman says the widespread increase of web usage has made the net an “increasingly popular tool” for illegal schemes. Scammers often use the net to promote their schemes because of the wide number of people it can reach in a very short space of time, “without ever having direct contact with investors”.

The former ASIC website checking system involved officers manually trawling the internet for financial advice by unregistered advisers, illegal investment schemes and other scams.