Australia’s corporate regulator has issued a strong alert about the growing misuse of generative artificial intelligence to construct elaborate webs of fake online content designed to lure people into fraudulent investment schemes.
The Australian Securities and Investments Commission (ASIC) reports a sharp increase in scams that rely on AI-generated deepfake videos of well-known personalities, combined with fabricated news articles, spoof websites, positive reviews and social media promotions.
These elements are carefully linked so that a simple internet search appears to confirm the legitimacy of an offer that does not actually exist.
In the 2025–26 financial year, ASIC coordinated the removal of more than 19,400 online scams—an increase of 182 per cent compared with the previous year.
The figure includes fake investment platforms, social media advertisements, phishing links and cryptocurrency-related frauds.
Since the regulator launched its takedown capability three years ago, more than 33,400 such sites and ads have been taken offline.
According to ASIC, the scams frequently begin with an advertisement on a mainstream platform that features an AI-generated endorsement from a public figure.
Clicking through leads to a fabricated news story complete with invented public comments, which then directs victims to a professional-looking but entirely bogus investment website.
Once contact details are obtained, operators follow up with scripted telephone calls and may even show small apparent profits to build confidence before larger sums are extracted.
In many cases the promoted investment opportunity does not exist at all; funds simply disappear into overseas criminal networks.
National Anti-Scam Centre data shows that the most frequently impersonated Australians in the past financial year included Prime Minister Anthony Albanese, finance commentator Alan Kohler, market analyst Tom Piotrowski, and politicians Jacqui Lambie and Angus Taylor.
Other names frequently misused were Gina Rinehart, Pauline Hanson, Alan Oster and the late broadcaster John Laws.
Reported losses linked to the top impersonated figures totalled $7.4 million.
ASIC Chair Sarah Court stressed that polished presentation is no guarantee of authenticity.
“AI is making investment scams more convincing and harder to detect. A simple online search is not enough to verify whether an opportunity is legitimate,” she said.
Scammers deliberately target the same online spaces people use to check credentials, creating an artificial “online footprint” of supportive content that reinforces the deception.
Consumers are urged to treat any unsolicited investment promotion with extreme caution.
Before handing over money or personal information, individuals should independently verify whether a provider holds a genuine Australian Financial Services Licence by checking ASIC’s professional registers and confirming that the name and licence number match exactly.
Cursory checks are insufficient because criminals often misuse or invent licence details.
Anyone encountering a suspicious offer is encouraged to follow Scamwatch’s three-step advice: stop, check independently sourced contact details, and protect others by reporting the matter.
ASIC continues to expand its disruption efforts, but the regulator emphasises that prevention remains the strongest defence.
As generative AI tools become more accessible and sophisticated, the ability of criminals to manufacture entire ecosystems of fake legitimacy is expected to grow. Australians are advised to remain vigilant and to rely only on independently verified sources when assessing any investment opportunity.