ASIC Flags 182% Jump in AI-Powered Investment Scams as Deepfake Celebrity Networks Proliferate #

Australia’s corporate regulator has warned that a simple internet search is no longer sufficient to verify whether an investment opportunity is legitimate, as generative AI-enabled investment fraud has increased sharply.

The Australian Securities and Investments Commission removed more than 19,400 online scams during the 2026 financial year, a 182% increase on the prior year, including fake websites, social media advertisements, phishing operations and cryptocurrency investment schemes, according to the regulator’s official announcement. Takedowns of fake investment platforms surged 151%, phishing removals rose 279%, and crypto scam removals climbed 30%.

ASIC reported a rise in deepfake videos depicting well-known Australian politicians and media personalities endorsing fraudulent investment platforms. Among the most impersonated individuals in FY26, according to reports to the National Anti-Scam Centre (NASC), were Prime Minister Anthony Albanese, senators Jacqui Lambie and Angus Taylor, and finance presenters Tom Piotrowski and Alan Kohler. Losses linked to celebrity impersonation scams reached A$7.4 million based on Scamwatch reports over the period.

Australians lost A$2.18 billion to scams in calendar 2025, with investment scams alone accounting for A$837.7 million, according to the NASC’s Targeting Scams Report.

ASIC described a shift toward what it called interconnected “scam networks” in which a fake celebrity video serves as the entry point into a broader ecosystem of spoofed websites, fabricated news articles, phoney reviews and impersonated licensed financial firms. That layered approach is designed to defeat basic due diligence and exploit what the regulator termed “social proof.”

“AI is making investment scams more convincing and harder to detect. A simple online search is not enough to verify whether an opportunity is legitimate,” ASIC chair Sarah Court said in the announcement.

The regulator warned that checking for an Australian Financial Services Licence number is no longer a reliable safeguard, as criminals are misrepresenting or cloning licence details from legitimate firms. ASIC advised consumers to cross-reference any licence details directly against its own professional registers and to consult the Moneysmart Investor Alert List before committing funds. Court also called on social media platforms to take greater responsibility for the fraudulent advertisements appearing on their services.

The announcement comes amid an ongoing national debate about the liability of technology platforms for scam content, with Australia’s scams protection framework expected to draw social media companies into a broader enforcement ecosystem.

Source: ASIC (Australian Securities and Investments Commission)