Australians have been warned this week to thoroughly verify investment opportunities, as scammers are now using AI to create 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.
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. 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).
ASIC Chair Sarah Court warned that 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”, 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.”
Court warned, however, that scammers are targeting the very places online that consumers use to check whether an investment is genuine. They 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.
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. Yet 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.