ASIC Warns AI-Driven Scams Are Creating Vast Networks of Deception | LeapRate
Australia’s corporate regulator warned on Monday that generative AI is enabling scammers to build sophisticated networks of fake websites, endorsements and news articles designed to trick investors into parting with their money.
The Australian Securities and Investments Commission (ASIC) said it has observed a sharp increase in scams using deepfake videos of celebrities and politicians, with criminals capitalising on topical news events to lend their schemes false credibility.
According to the National Anti-Scam Centre, the most impersonated Australian public figures in FY26 included Prime Minister Anthony Albanese, Senator Jacqui Lambie, and broadcaster Alan Kohler.
ASIC removed more than 19,400 online scams during FY26, a 182% increase from the prior year. The figures include fake websites, phishing attempts, social media advertisements and cryptocurrency investment scams. Losses tied to impersonation scams reported to Scamwatch reached $7.4 million in FY26.
ASIC Chair Sarah Court said that polished branding and convincing testimonials no longer guarantee legitimacy. “AI is making investment scams more convincing and harder to detect,” Court said, adding that a simple online search is insufficient to confirm whether an opportunity is genuine.
Court urged consumers to verify Australian Financial Services Licence details directly through ASIC’s public registers rather than relying on advertisements or search results, noting that scammers frequently misuse licence numbers belonging to legitimate firms.
ASIC pointed to its takedown efforts, including a 151% jump in fake investment platform removals and a near 30% rise in cryptocurrency scam takedowns, as part of its broader response to the growing threat.
