Consumers are being increasingly targeted by investment scam ads and investment scam websites using the images of well-known Australian identities, prompting the Australian Securities and Investments Commission (ASIC) to ramp up its takedown capability.

So far in 2025, more than 330 investment scam websites that use celebrity images to trick Australians into parting with their savings have been shut down by ASIC – a 25% increase compared to the same period last year.

Well-known personalities whose images have appeared on fake websites include billionaires Andrew ‘Twiggy’ Forrest, Gina Rinehart and Anthony Pratt.

Scammers are increasingly exploiting the concept of ‘social proof’ by deliberately misusing images of trusted public figures to promote investment schemes that are, in fact, scams.

The takedown capability was especially active in July, when scammers potentially sought to take advantage of consumer interest in finance with the start of the new financial year.

According to the National Anti-Scam Centre, Australians lost $945 million to investment scams in 2024, making it the leading cause of financial loss.

The rise of artificial intelligence has enabled scammers to rapidly expand at scale. In the last six months ASIC has observed the following trends through its website takedown work:

• fake trading platforms
• cloned websites and professional-looking templates
• fake news articles promoting fraudulent schemes
• ‘AI trading bot’ products promising unachievable returns.

With scams increasingly spreading via digital ads, ASIC has extended its takedown capabilities to include investment scam advertising on social media.

An example of fake celebrity finance endorsement: