ASIC has warned Australians that a quick online search is no longer a reliable way to verify investment opportunities, as scammers use generative AI to create networks of deepfake websites and fabricated endorsements designed to lure victims.
The regulator said it has seen a sharp rise in online scams using deepfake videos of celebrities and politicians, with criminals increasingly exploiting topical issues in the news to deceive consumers.
According to the National Anti-Scam Centre (NASC), the most impersonated public figures in FY26 included Anthony Albanese, Jacqui Lambie, Angus Taylor, Tom Piotrowski and Alan Kohler.
ASIC said it removed more than 19,400 online scams in FY26—up 182% on the previous year—covering fake websites, social media ads, phishing scams and cryptocurrency investment scams.
Celebrity impersonations are often one element of broader scam networks, ASIC said, reinforced by spoof websites, fake reviews, fabricated news articles and AI-generated videos intended to make scams appear legitimate.
ASIC Chair Sarah Court said Australians should be especially cautious when they see a celebrity or influencer promoting an investment opportunity online.
‘The presence of polished content, familiar branding or convincing testimonials does not mean an investment is legitimate,’ Ms Court said.
‘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.
‘Before investing, consumers should verify website addresses, check whether a person or company is legitimate and who they claim to be, and be wary of urgent calls to act.
A web of deception
ASIC said scammers are increasingly targeting the same online sources consumers use to check whether an investment is genuine, building coordinated online footprints that combine scam brands, unique phrases, fabricated articles and supportive reviews.
Potential investors may be redirected from advertisements on established platforms to fake news stories featuring celebrity endorsements and fabricated public comments, ASIC said. After victims provide their details, scammers may follow up with scripted phone calls, fake investment platforms and small profit payments designed to build trust.
ASIC said many of these investment opportunities do not exist and that money can be transferred to overseas criminals, with little prospect of recovery.
Top impersonated public figures
Scammers are increasingly exploiting “social proof” by misusing the images of trusted public figures to promote investments that are scams, ASIC said.
In FY26, the following Australians were among the most impersonated by online scammers, with losses of $7.4 million based on reports to Scamwatch:
Anthony Albanese; Tom Piotrowski; Alan Kohler; Stephen Koukoulas; Jacqui Lambie and Angus Taylor (appearing in the same scam); Dick Smith; Gina Rinehart; Alan Oster; Pauline Hanson; John Laws.
ASIC said impersonations can shift quickly as scammers respond to changes in the news cycle and select targets that help them capitalise on topical issues.
Advice for consumers
Scamwatch, run by NASC, advises consumers to “Stop” before sharing money or personal information, “Check” who they are dealing with using independently sourced contact details, and “Protect” themselves and others by reporting scams to their bank, cyber.gov.au and Scamwatch.
ASIC also advised consumers to check whether an investment opportunity is linked to a verified Australian Financial Services Licence (AFSL), while warning that basic licence checks may be insufficient because scammers can misuse licence details or impersonate licensed businesses.
Consumers should verify the licence holder’s name and number on ASIC’s professional registers and ensure those details match the business or investment opportunity being promoted, ASIC said, adding that relying solely on advertisements, websites or search results can increase risk.
ASIC also pointed consumers to the Moneysmart Investor Alert List for suspected scam companies, and warned that opportunities that cannot be verified through trusted sources—or encourage consumers to bypass licensed professionals—should be treated with caution.
ASIC takedown activity
ASIC said that since launching its takedown capability three years ago, it has removed more than 33,400 scam websites, social media ads and phishing scams.
In FY26, ASIC said it took down more than 19,400 scams, compared with 6,915 in FY25, including a 279% increase in phishing scam hyperlink takedowns (5,476 removed) and a 151% rise in takedowns of fake investment platforms (7,051 removed). Takedowns of cryptocurrency investment scams increased by almost 30%, with 3,106 removed, ASIC said.
‘ASIC has significantly stepped up its online scam takedown efforts,’ Ms Court said. ‘
‘Our takedown capability is important, but prevention is the best defence. That is why it is so important that Australians understand the risks of investing outside the licensed financial system and know which sources they can trust before handing over their savings.’
‘Always look for an Australian Financial Services licence number and independently verify that number through ASIC’s free public registers. If a business cannot provide verifiable licence details, or if the information does not match ASIC’s records, do not invest.’
Background
ASIC said it has previously warned the public about the rise of pump-and-dump schemes and fake celebrity endorsements of investment platforms, and urged industry participants to add AFS licensee website addresses to the Professional Registers Search to help consumers verify whether a bank, investment platform or super fund is legitimate.
