ASIC Warns AI-Powered Investment Scams Are Creating ‘Webs of Deception’

Australia’s financial regulator has warned consumers that online searches alone are no longer enough to verify investment opportunities, as scammers increasingly use artificial intelligence (AI) to create convincing networks of fake websites, endorsements and investment platforms.

The Australian Securities and Investments Commission (ASIC) said on August 17 that scammers are increasingly using deepfake videos of celebrities and politicians to promote fraudulent investment opportunities. The most impersonated public figures in FY26 included Anthony Albanese, Tom Piotrowski, Alan Kohler, Jacqui Lambie and Angus Taylor.

ASIC said it removed more than 19,400 online scams in FY26, an increase of 182% from the previous year. This included 7,051 fake investment platforms, 5,476 phishing scam links and 3,106 cryptocurrency investment scams.

According to ASIC, celebrity impersonation is often only one part of a broader scam network. Fraudsters can create fake news articles, positive reviews, advertisements and websites that reinforce each other and make fraudulent investments appear legitimate.

Victims may initially encounter an investment advertisement on a legitimate platform before being directed to fabricated news coverage or websites featuring fake celebrity endorsements. Scammers can then use scripted calls, counterfeit trading platforms and even small initial payouts to build trust before taking larger amounts of money.

ASIC Chair Sarah Court warned that polished content, familiar branding and convincing testimonials do not prove an investment is legitimate.

The regulator urged consumers to independently verify an Australian Financial Services Licence (AFSL), including checking that the licence holder’s name and details match the business being promoted. ASIC also warned that scammers may misuse genuine licence numbers or impersonate licensed firms.

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