ASIC Warns AI Is Creating Vast Networks of Investment Scams

The Australian Securities and Investments Commission (ASIC) has warned that scammers are using generative AI, deepfake videos and fake online content to create increasingly convincing investment scams.

ASIC said scammers are impersonating celebrities and politicians to promote fraudulent investment opportunities, while using fake websites, reviews, news articles and social media advertisements to create an appearance of legitimacy.

In FY26, ASIC removed more than 19,400 online scams, an increase of 182% from the previous year. The takedowns included 7,051 fake investment platforms, 5,476 phishing scam hyperlinks and 3,106 cryptocurrency investment scams.

ASIC said scammers often build an entire online network around a fake investment brand. Victims may encounter an advertisement on a major platform before being directed to a fabricated news article featuring a celebrity endorsement. Scammers can then use scripted calls, fake trading platforms and even small initial profit payments to build trust.

The regulator also warned that checking whether an investment has an Australian Financial Services Licence (AFSL) is not enough if consumers rely only on information provided by the promoter. Scammers may misuse another company’s licence details or impersonate a legitimate financial services business.

ASIC advised investors to independently verify the licence holder’s name and number through its professional registers and ensure the information matches the business offering the investment.

ASIC has removed more than 33,400 scam websites, social media advertisements and phishing scams since launching its online takedown capability three years ago.

ASIC Chair Sarah Court said the increasing use of AI is making investment scams harder to identify, adding that polished content, familiar branding and convincing testimonials should not be treated as evidence that an investment is legitimate.