ASIC scam removals topped 19,400 in fiscal 2026, as the regulator warned that generative AI is making investment fraud harder to detect.
The Australian Securities and Investments Commission said the total marked a 182% rise from a year earlier. It said criminals now use linked fake endorsements, websites and reviews to make scam offers look real. As a result, a simple web search may no longer help clients check an offer.
Scammers also reuse Australian financial services license details and copy legitimate businesses, ASIC said. That can expose brokers and investment platforms to brand impersonation. Meanwhile, the regulator said Scamwatch reports tied the most impersonated public figures to A$7.4 million, or about $5.2 million, in reported losses during FY26.
How ASIC Scam Removals Rose in FY26
ASIC said it removed 5,476 phishing links in FY26, up 279% from the previous year. It also took down 7,051 fake investment platforms, a 151% increase. In addition, it removed 3,106 cryptocurrency investment scams, up almost 30% year over year.
The regulator said schemes often begin with an ad on a well-known platform. After a user clicks, the link can lead to a fake news story with a celebrity endorsement and false public comments. Criminals then build a scam brand, repeat key phrases, and fill search results with positive reviews and related sites.
“AI is making investment scams more convincing and harder to detect,” ASIC Chairwoman Sarah Court said.
Deepfake Tactics and Public Figure Impersonation
ASIC said Prime Minister Anthony Albanese, Tom Piotrowski, Alan Kohler, Jacqui Lambie and Angus Taylor were among the names used in these scams. It said the pages can appear unrelated, although the same network controls them. Therefore, consumers may see several references to the same offer and wrongly treat them as independent checks.
After a target shares contact details, callers direct the person to a fake investment platform, ASIC said. Some victims first receive a small payment presented as profit. However, scammers then push for larger transfers, and the investment itself may not exist.
ASIC also warned that an Australian financial services license number does not prove the promoter owns it. Criminals may use another entity’s number or copy the identity of a licensed financial services business.
You can access our other news on brokers and global market developments here.
Source: Finance Magnates
