ASIC Removes 19,400 Scams, Warns on AI Deepfakes

The Australian Securities and Investments Commission (ASIC) has intensified its crackdown on online investment scams, removing more than 19,400 fraudulent schemes in fiscal year 2026—a 182% increase from the previous year. The regulator also issued a stark warning about the use of generative AI by criminals to create convincing fake endorsements, websites, and reviews, which are then used to lure unsuspecting investors.

ASIC noted that scammers are increasingly reusing Australian financial services license details and impersonating legitimate businesses, which exposes brokers and investment platforms to brand copying. This makes basic web searches less reliable for clients trying to verify the authenticity of an offer. The regulator reported that Scamwatch data linked the most impersonated public figures, including Prime Minister Anthony Albanese and market commentators Tom Piotrowski and Alan Kohler, to A$7.4 million (about $5.2 million) in reported losses during FY26.

The schemes often begin with an advertisement on a well-known platform, leading victims to a fabricated news story containing a celebrity endorsement and fake public comments. Criminals build a scam brand with supportive articles, positive reviews, and interlinked websites, all controlled by the same network. ASIC Chairwoman Sarah Court stated, "AI is making investment scams more convincing and harder to detect."

Once a target submits contact details, callers follow a script and direct the person to a fake investment platform. Some victims receive small payments shown as profit before being urged to transfer larger sums. The underlying investment may not exist. ASIC removed 5,476 phishing links in FY26 (up 279% YoY), 7,051 fake investment platforms (up 151% YoY), and 3,106 cryptocurrency investment scams (up almost 30% YoY). In FY25, the regulator removed 6,915 scams, but these figures are not directly comparable due to different reporting windows.

For retail forex and CFD traders, this serves as a reminder to exercise heightened vigilance. ASIC advises that investors verify any business through records they reach independently, rather than relying on search results that may be manipulated by scammers. The regulator's actions highlight the growing sophistication of fraud in the digital age, and the importance of due diligence before engaging with any investment platform.

This is information, not investment advice.