Australia: ASIC Warns AI Deepfakes Are Driving More Sophisticated Investment and Crypto Scams

On 17 August 2026, the Australian Securities and Investments Commission (ASIC) warned consumers about investment scams using generative artificial intelligence (AI), deepfake videos and fabricated online content. ASIC said scammers are creating networks of fake websites, news articles, reviews and celebrity endorsements to make fraudulent investment opportunities appear legitimate. In FY26, ASIC removed more than 19,400 online scams, representing a 182% increase from FY25. These included fake investment platforms, phishing scams and cryptocurrency investment scams. ASIC reported removing 3,106 cryptocurrency investment scams during FY26, an increase of almost 30%. The regulator cautioned that online searches and Australian Financial Services Licence (AFSL) details cannot be relied upon without independent verification. ASIC urged consumers to verify licence information directly against its professional registers and scrutinise whether those details correspond with the business promoting an investment.¹

Generative AI Is Making Investment Scams Harder to Detect

ASIC has warned that generative AI is changing both the sophistication and scale of online investment scams. The regulator has observed increased use of deepfake videos involving celebrities and politicians to encourage consumers to invest. Scammers are also responding to current news events by changing the public figures they impersonate. ASIC Chair Sarah Court said:

"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." The warning identified broader problem, which makes it clear that the information consumers ordinarily use to verify an investment can itself form part of the deception.¹

Scammers Are Creating Entire Online Ecosystems Around Fake Investments

ASIC describes a developing scam model that extends beyond a single fraudulent advertisement or website. Scammers can create brands and distinctive terminology before surrounding the purported investment with fabricated news coverage, favourable reviews, advertisements, websites and AI generated videos. ASIC describes this as a "web of deception". A consumer may initially encounter an advertisement on a recognised online platform. The advertisement may direct the consumer towards a fabricated news article carrying a false celebrity endorsement and manufactured public comments supporting the investment. After obtaining the consumer's details, scammers may use scripted telephone calls and fake investment platforms to continue the deception. ASIC states that scammers may even make small purported profit payments to establish trust before seeking further funds.¹ In many cases, ASIC warns, the advertised investment opportunity does not exist and funds are instead transferred to overseas criminals.

Deepfake Celebrity Endorsements Exploit Social Proof

ASIC has identified the deliberate misuse of trusted public figures as part of this scam architecture. According to National Anti Scam Centre data cited by ASIC, the most impersonated public figures in FY26 included Anthony Albanese, Tom Piotrowski, Alan Kohler, Stephen Koukoulas, Jacqui Lambie, Angus Taylor, Dick Smith, Gina Rinehart, Alan Oster, Pauline Hanson and John Laws.¹ Scamwatch reports involving impersonation of these public figures resulted in losses of $7.4 million during FY26.

ASIC describes the technique as exploiting "social proof". Images and identities associated with familiar public figures are used to lend apparent credibility to fraudulent investment propositions. ASIC Chair Sarah Court cautioned: "The presence of polished content, familiar branding or convincing testimonials does not mean an investment is legitimate." ASIC also warns that impersonation targets can change quickly as scammers respond to developments in the news cycle.

ASIC Removed More Than 19,400 Online Scams in FY26

ASIC's enforcement data indicates substantial growth in its online scam takedown activity. The regulator removed more than 19,400 scams during FY26. This represented an increase of 182% compared with 6,915 takedowns during FY25.¹ ASIC reported:

Since establishing its scam takedown capability three years ago, ASIC states that it has removed more than 33,400 scam websites, social media advertisements and phishing scams.¹

The figures show that cryptocurrency investment scams remain a distinct component of ASIC's broader online investment scam response.

ASIC Warns AFSL Details Can Also Be Misused

ASIC's warning extends beyond detecting obviously fraudulent websites. The regulator advises consumers to determine whether an investment opportunity is accompanied by a verified Australian Financial Services Licence. However, ASIC expressly cautions that a cursory AFSL check is insufficient. Scammers may claim to hold a licence, use another entity's licence number or impersonate a licensed financial services business. Consumers should therefore verify the licence holder's name and licence number through ASIC's professional registers. Those details should then be compared with the business or investment opportunity actually being promoted.¹ ASIC Chair Sarah Court stated:

"Always look for an Australian Financial Services licence number and independently verify that number through ASIC's free public registers. If a business cannot provide verifiable licence details, or if the information does not match ASIC's records, do not invest."

This distinction is particularly relevant where a fraudulent operator adopts the identity or regulatory credentials of an otherwise legitimate financial services business.

ASIC Says Online Search Results Are Not Sufficient Verification

ASIC's warning challenges a common method of conducting preliminary investment due diligence: searching for the business online. Where scammers deliberately create multiple apparently independent sources supporting the same fraudulent proposition, the volume of search results may itself create a false impression of legitimacy. ASIC therefore advises consumers to independently verify who they are dealing with and use contact information obtained from trusted sources rather than relying upon information supplied through the investment promotion. Consumers may also consult ASIC's Moneysmart Investor Alert List for entities suspected of involvement in scams.¹ Investment propositions that cannot be independently verified through trusted sources, or encourage consumers to bypass licensed professionals, should be treated with particular caution.

ASIC Emphasises Prevention Alongside Scam Takedowns

ASIC's increased takedown activity forms one part of its response to online investment fraud. Sarah Court said: "Our takedown capability is important, but prevention is the best defence." ASIC's consumer guidance centres on independently checking the identity and regulatory status of the person or business offering the investment before transferring funds or providing personal information. The regulator also refers consumers to Scamwatch's "Stop, Check, Protect" approach. Consumers are encouraged to stop before sharing money or personal information, independently check who they are dealing with and report suspected scams to their bank, cyber.gov.au and Scamwatch.¹

Footnotes

1. Australian Securities and Investments Commission, ‘ASIC warns scammers are using AI to spin vast webs of deception’, published 17 August 2026.
2. Ibid. ASIC states that more than 19,400 online scams were removed during FY26, representing an increase of 182% compared with FY25.
3. Ibid. National Anti Scam Centre data cited by ASIC records losses of $7.4 million from reported scams impersonating identified Australian public figures during FY26.
4. Ibid. ASIC reports 5,476 phishing scam hyperlink takedowns, 7,051 fake investment platform takedowns and 3,106 cryptocurrency investment scam takedowns during FY26.
5. Ibid. ASIC advises consumers to verify both the name and number of an Australian Financial Services Licence through ASIC's Professional Registers Search and compare those details against the business promoting the investment.
6. Australian Securities and Investments Commission, ‘ASIC warning: Pump and dump scammers intensify use of fake celebrity endorsements’, Media Release 26-157MR.
7. Australian Securities and Investments Commission, ‘It's a scam! Celebrities are not getting rich from online investment trading platforms’, Media Release 24-036MR.
8. Australian Securities and Investments Commission, ‘ASIC helps strengthen the fight against imposter scams in financial services’, Media Release 26-122MR.