ASIC Pulled 19,400 Scams as AI Deepfakes Target Investors

Australia's corporate regulator removed more than 19,400 online scams in the 2026 financial year, up 182% on the previous year, as criminals increasingly use generative AI to build deepfake websites, endorsements and fake news articles that lure investors into schemes that often do not exist.

ASIC is warning Australians that a quick online search is no longer enough to verify an investment opportunity. Scammers use AI to create vast networks of interconnected fake content, so a polished website, familiar branding or a convincing celebrity endorsement can all be part of the same deception.

How the scam funnel works

The scheme often begins with an advertisement on a well-known platform. A click takes the target to a fabricated news story featuring a celebrity endorsement and fake public comments, according to ASIC.

Once a victim submits their contact details, callers follow a script and direct the person to a fake investment platform. Some victims receive a small payment shown as profit before the scammers push for larger transfers. ASIC said these opportunities often do not exist, and the money goes to overseas criminals and is not recovered.

ASIC Chair Sarah Court said polished content, familiar branding or convincing testimonials do not mean an investment is legitimate. “AI is making investment scams more convincing and harder to detect,” she said.

Who the scammers impersonate

The most impersonated public figures in FY26 included Prime Minister Anthony Albanese, market commentators Tom Piotrowski and Alan Kohler, and politicians Jacqui Lambie and Angus Taylor, according to the National Anti-Scam Centre.

Others impersonated included Dick Smith, Gina Rinehart, Alan Oster, Pauline Hanson, John Laws and Stephen Koukoulas. Scamwatch reports linked the most impersonated figures to A$7.4 million in reported losses during FY26.

What the takedown numbers show

The regulator removed 5,476 phishing scam hyperlinks in FY26, a 279% increase, and took down 7,051 fake investment platforms, up 151% year over year. Cryptocurrency investment scams rose, with 3,106 removed, up almost 30%.

The prior year's total was 6,915 websites, social media ads, phishing links and crypto investment scams removed in FY25. Since launching its takedown capability three years ago, ASIC has removed more than 33,400 scam websites, social media ads and phishing scams.

How to check before you invest

ASIC warned that scammers misuse Australian financial services licence details by claiming to hold a licence, using another entity's licence number, or impersonating a licensed financial services business.

Consumers should look for an Australian Financial Services licence number and independently verify it through ASIC's free public registers. If a business cannot provide verifiable licence details, or if the information does not match ASIC's records, investors should not proceed. Consumers can consult the Moneysmart Investor Alert List for suspected scam companies.