ASIC is warning Australians that a quick online search is not enough to verify investment opportunities as scammers use generative AI to create vast networks of deepfake websites and endorsements to lure victims.
ASIC has seen a sharp rise in online scams using deepfake videos of celebrities and politicians to encourage Australians to part with their money, with criminals increasingly exploiting topical issues in the news to deceive consumers.
The most impersonated public figures in FY26 included Anthony Albanese, Jacqui Lambie, Angus Taylor, Tom Piotrowski and Alan Kohler, according to the National Anti-Scam Centre (NASC).
In the same year, ASIC removed more than 19,400 online scams – up 182% on the previous year - including fake websites, social media ads, phishing scams and cryptocurrency investment scams.
Celebrity impersonations are often just one part of a broader scam network that is designed to appear legitimate and reinforced by spoof websites, fake reviews, fabricated news articles and AI-generated videos.
ASIC Chair Sarah Court said Australians should be especially cautious if 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
Scammers are targeting the very places online that consumers use to check whether an investment is genuine.
Scammers will create scam brands, use unique phrases or words, and build an online footprint of supportive news articles, positive reviews, ads and websites that work together to deceive consumers.
Potential investors may be taken from an ad on a well-known platform to a fake news article featuring celebrity endorsements and fabricated public comments supporting the investment.
Once victims have provided their details, scammers follow up with scripted phone calls, fake investment platforms and even small profit payments to build trust.
Often these ‘investment opportunities’ simply do not exist, and the money instead goes into the hands of overseas criminals, never to be recovered.
Top impersonated public figures
Scammers are increasingly exploiting the concept of ‘social proof’ by deliberately misusing images of trusted public figures to promote investments that are, in fact, scams.
In FY26, the following well-known Australians were 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 (appear in the same scam)
- Dick Smith
- Gina Rinehart
- Alan Oster
- Pauline Hanson
- John Laws
It is important to note that scammers are receptive to broader changes in the news cycle and will opportunistically change which celebrities they impersonate to capitalise on topical issues.
Advice for consumers
Scamwatch, a service run by the National Anti-Scam Centre (NASC), has three simple steps to help Australians avoid scams online:
- Stop before you share money or personal information
- Check who you're really dealing with using contact details you find yourself
- Protect yourself and others by reporting scams to your bank, cyber.gov.au and Scamwatch.
ASIC advises that consumers should always check to see if an investment opportunity is accompanied by a verified Australian Financial Services Licence.
But consumers are warned that cursory AFSL checks are not enough. Scammers misuse AFS licence details by claiming to hold a licence, using another entity’s licence number, or impersonating a licensed financial services business.
Before investing, 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. Relying solely on advertisements, websites or online search results can put consumers at risk.
Consumers can also consult the Moneysmart Investor Alert List for suspected scam companies.
Investment opportunities that cannot be verified through trusted sources, or that encourage consumers to bypass licensed professionals, should be treated with extreme caution.
ASIC’s resources can be found at the below links.
ASIC continues to protect Australians online
Since launching its takedown capability three years ago, ASIC has removed more than 33,400 scam websites, social media ads and phishing scams.
In FY26, ASIC took down more than 19,400 scams - an increase of 182% on FY25 when we removed 6,915 fake websites, social media ads, phishing scams and cryptocurrency investment scams.
We saw a jump in our takedowns of phishing scam hyperlinks with a 279% increase, removing 5,476 of these.
Our takedowns of fake investment platforms also jumped by 151% in the last financial year, with 7,051 platforms removed.
Takedowns of cryptocurrency investment scams also increased by almost 30% with the removal of 3,106 scams in the last financial year.
'ASIC has significantly stepped up its online scam takedown efforts,’ Ms Court said. 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 has previously warned the public about the rise of pump and dump schemes, which use similar ‘social proof’ methods to gain victims’ trust: 26-157MR ASIC warning: Pump and dump scammers intensify use of fake celebrity endorsements.
ASIC has also previously warned consumers about fake celebrity endorsements of investment platforms: 24-036MR It’s a scam! Celebrities are not getting rich from online investment trading platforms.
Industry participants are also urged to add their AFS licensee website addresses to the Professional Registers Search to allow consumers to verify whether a bank, investment platform or super fund is legitimate: 26-122MR ASIC helps strengthen the fight against imposter scams in financial services.