The Australian Securities and Investments Commission (ASIC) today issued a warning to the public regarding increased use of AI by scammers.

The regulator warns 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.

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.

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.

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, the watchdog took down more than 19,400 scams – an increase of 182% on FY25 when it removed 6,915 fake websites, social media ads, phishing scams and cryptocurrency investment scams.