ASIC alerts consumers to rising deepfake investment scams

Australia’s Securities and Investments Commission (ASIC) has issued a stark warning about a sharp increase in online scams that exploit generative AI to produce deepfake videos and websites. The regulator notes that criminals are leveraging fabricated endorsements from well-known personalities to lure investors, often tying these schemes to current news topics to boost credibility.

## Deepfake tactics and targeted figures

The National Anti-Scam Centre (NASC) identified the most frequently impersonated public figures for the financial year 2026, naming former and current politicians as well as media personalities. These include:

- Anthony Albanese - Jacqui Lambie - Angus Taylor - Tom Piotrowski - Alan Kohler

Scammers use AI-generated videos of these individuals to create a veneer of legitimacy, pairing them with spoofed websites, fabricated news articles, and fake reviews. ASIC Chair Sarah Court emphasizes that such polished content does not guarantee a genuine investment opportunity.

## Scale of the problem

ASIC reported a dramatic rise in the number of fraudulent online assets it has taken down. In the same reporting period, the regulator removed more than 19,400 scams-a 182% increase compared with the previous year. The takedowns spanned a range of formats, including counterfeit websites, social-media advertisements, phishing attempts, and cryptocurrency investment schemes.

| Metric | Value | |---|---| | Scams removed (FY26) | 19,400 | | Increase over previous year | 182% |

## Advice for investors

Court advises consumers to remain vigilant and to verify any investment opportunity against ASIC’s public registers. Specifically, she recommends checking for an Australian Financial Services (AFS) licence number and confirming its authenticity through the regulator’s free online database. "If a business cannot provide verifiable licence details, or if the information does not match ASIC’s records, do not invest," she cautions.

The regulator also warns that a simple internet search is insufficient to confirm the legitimacy of an offer, given the sophistication of AI-driven content. Investors are urged to scrutinise branding, testimonials, and any claims of endorsement, especially when they appear unusually polished.

## Broader implications for the banking sector

The surge in deepfake scams poses a significant challenge for banks and financial institutions, which must enhance their fraud detection capabilities and educate customers about emerging threats. As AI tools become more accessible, the potential for counterfeit financial promotions is likely to expand, underscoring the need for robust verification processes and ongoing public awareness campaigns.

Overall, ASIC’s warning highlights a growing intersection between advanced technology and financial crime, urging both regulators and consumers to adapt to the evolving landscape of investment fraud.