ASIC Removes Over 19,400 Scams as AI Deepfakes Target Investors

The Australian Securities and Investments Commission (ASIC) removed more than 19,400 online scams in fiscal 2026, a 182% increase year over year, the regulator said Monday. It warned that generative AI enables criminals to create linked fake endorsements, websites and reviews. Scammers also reuse Australian financial services license details and impersonate legitimate businesses, exposing brokers and investment platforms to brand copying while reducing the usefulness of basic web searches for clients verifying offers. ASIC said Scamwatch reports linked the most impersonated public figures to A$7.4 million (about $5.2 million) in reported losses during FY26, with names including Prime Minister Anthony Albanese, market commentators Tom Piotrowski and Alan Kohler, and politicians Jacqui Lambie and Angus Taylor.

Schemes often begin with an advertisement on a well-known platform, leading to a fabricated news story containing a celebrity endorsement and fake public comments. Criminals create a scam brand, repeat distinctive phrases, and fill search results with supportive articles, positive reviews, and related websites, each appearing independent but controlled by the same network. "AI is making investment scams more convincing and harder to detect," ASIC Chairwoman Sarah Court said. After a target submits contact details, callers follow a script and direct the person to a fake investment platform, sometimes showing a small profit before requesting larger transfers, with the underlying investment possibly nonexistent.

ASIC removed 5,476 phishing links in FY26, a 279% increase from the prior year, along with 7,051 fake investment platforms (up 151%) and 3,106 cryptocurrency investment scams (up nearly 30%). The regulator removed 6,915 websites, social media ads, phishing links, and crypto scams in FY25, though calendar-year totals are not directly comparable. In April, FinanceMagnates.com reported ASIC had removed 11,964 scams during calendar 2025, 90% more than the prior 12 months, including over 1,100 scam ads from social media. ASIC cited A$2.18 billion in total reported Australian scam losses for 2025, with investment scams accounting for A$837.7 million. Celebrity impersonation remained a recurring issue, with ASIC taking down over 330 fake celebrity investment sites in the first part of 2025. The regulator stressed that an Australian financial services license number alone does not prove ownership, as criminals may claim another entity's number or copy a licensed business's identity.