The Australian Securities and Investments Commission (ASIC) warned that generative AI is enabling criminals to build convincing networks of deepfake endorsements, fabricated news, fake reviews and spoof investment websites, making basic online searches insufficient to verify opportunities. Scamwatch reports linked impersonations of prominent Australians to AUD 7.4 million in losses in FY26, with scammers adapting their targets to topical news. ASIC removed more than 19,400 online scams in FY26, up 182% from 6,915 in FY25, including 7,051 fake investment platforms, 5,476 phishing hyperlinks and 3,106 cryptocurrency investment scams. Consumers should independently verify an Australian Financial Services licence holder’s name and number through ASIC’s professional registers and ensure the details match the promoted business, as scammers may misuse genuine licence information or impersonate licensed firms.
Australian Securities and Investments Commission warns of AI-enabled investment scams after 19,400 takedowns in FY26
ASIC warned that AI-generated endorsements and coordinated networks of fake online content are making investment scams harder to detect. It removed more than 19,400 scams in FY26, up 182%, while reported losses linked to impersonated public figures reached AUD 7.4 million. Consumers should independently verify licence details against ASIC’s registers rather than rely on online searches or advertisements.