Australia's corporate regulator has issued a sharp warning to investors, as sophisticated AI-generated fraud networks — often built around fake cryptocurrency platforms and "recommendations" using deepfakes — continue to target Australians' savings.
In a press release published on August 17, 2026, the Australian Securities and Investments Commission (ASIC) reported that it had shut down 3,106 cryptocurrency investment scams in the last financial year, representing a nearly 30% increase from the previous period. In total for the 2026 financial year, ASIC took down over 19,400 online scams — a 182% increase — including thousands of fake investment platforms and phishing schemes.
Cryptocurrency schemes remain a top lure for cybercriminals exploiting public interest in new investment platforms. According to the regulator, scammers are increasingly combining generative AI tools with impersonations of well-known figures to promote cryptocurrency investment products. Instead of relying on individual scam websites, criminal groups now create interconnected deception networks designed to bypass simple online searches.
Potential investors targeted by ads for high-yield investment platforms on social media are led through carefully staged online ecosystems, including videos using "deepfake" technology where political figures promote automated crypto trading bots.
Scammers fabricate news articles and fake media websites praising fake digital asset platforms. In some cases, AI-generated social media reviews and comments serve as artificial "social proof." Victims are sometimes shown small initial profits on fake personal user dashboards to build trust, before being pressured to invest larger sums.
Once victims transfer their money or crypto assets to these platforms, the funds are sent directly to overseas crime syndicates and lost.
Use of Well-Known Figures' Images for Financial Fraud
According to data from the National Anti-Scam Centre, in the 2026 financial year, these schemes most frequently impersonated Australian Prime Minister Anthony Albanese, financial commentators Tom Piotrowski and Alan Kohler, as well as other prominent public figures, resulting in reported losses exceeding $7.4 million.
ASIC Chair Sarah Court warned that the rapid advancement of generative AI has made it significantly harder for ordinary consumers to spot online investment scams.
"AI is making investment scams more persuasive and harder to detect. A simple internet search is not enough to verify if an offer is legitimate," Ms. Court stated. "Having professionally produced content, familiar branding, or persuasive testimonials does not mean an investment is legitimate."
ASIC noted that scammers often illegally use or forge Australian financial services licence data to give their fake cryptocurrency platforms an appearance of legitimacy.
In response to the surge in AI-based cryptocurrency and financial scams, ASIC and Scamwatch are urging consumers to take strict verification steps before transferring money or digital assets. These steps include pausing the transfer, searching official free public registers of professional licences from ASIC to confirm the entity behind the platform is licensed to provide financial services in Australia, and checking the contact details for inconsistencies.
Potential investors should also check official resources like Moneysmart's "Investment Warning List" to see if an organization or domain has already been flagged as suspected of fraud.
Although ASIC has removed more than 33,400 malicious links, fake platforms, and social media advertisements over the past three years, officials emphasize that prevention remains the primary defence against investment scams operated from overseas jurisdictions.
