ASIC Shuts Down 19,400 Online Scams as AI Deepfakes Fuel Investment Fraud

Australia’s financial regulator, ASIC, shut down more than 19,400 online scams in FY26, marking a 182% increase from the previous year. The total included 3,106 fake cryptocurrency investment platforms, up nearly 30%.

ASIC warned that scammers are increasingly using AI-generated content and deepfake videos to make fake investment opportunities appear legitimate. Fraudsters have impersonated well-known figures, including Prime Minister Anthony Albanese and financial commentators, to promote bogus crypto platforms and trading schemes.

Victims are often lured through social media ads and fake news websites, then shown fabricated reviews, testimonials and early “profits” to build trust before being encouraged to deposit larger sums. Once funds or crypto assets are transferred, they may be sent to overseas criminal networks and become difficult to recover.

ASIC Chair Sarah Court warned that polished websites, familiar branding and convincing testimonials are no longer reliable signs of legitimacy. The regulator urged investors to verify financial service providers through ASIC’s official Professional Registers and check the Moneysmart Investor Alert List before sending money.

ASIC said it has removed more than 33,400 malicious websites, fake platforms and scam advertisements over the past three years, but stressed that prevention and careful verification remain critical in combating increasingly sophisticated AI-driven scams.