ASIC Pulls 3,106 Crypto Scams as AI Networks Target Aussie Savings

How Syndicates Use Deepfakes and AI Infrastructure

Australia’s corporate regulator has issued a stark warning to investors as sophisticated, AI-generated deceptive networks—often built around fake cryptocurrency platforms and deepfake endorsements—continue to target Australian savings.

In a news release issued Aug. 17, 2026, the Australian Securities and Investments Commission (ASIC) revealed it took down 3,106 cryptocurrency investment scams over the past financial year, representing a nearly 30% jump compared with the previous period. Overall, ASIC shut down more than 19,400 online scams in FY26—a 182% surge—including thousands of fake investment platforms and phishing schemes.

Cryptocurrency schemes remain one of the major draws for cybercriminals exploiting public curiosity around novel investment platforms. According to the regulators, scammers are increasingly combining generative AI tools with high-profile celebrity impersonations to promote crypto investment vehicles. Rather than relying on single scam websites, syndicates are now building interconnected webs of deception designed to defeat simple web searches.

Potential investors targeted by social media ads for high-yield investment platforms are led through carefully staged online ecosystems, which include deepfake videos featuring political figures promoting automated crypto trading bots.

Scammers have fabricated news articles and spoofed media websites praising the fake digital asset platforms. In some cases, AI-generated reviews and social media comments provide synthetic “social proof.” Victims are sometimes shown small initial returns on fake user dashboards to build trust before being pressured to make larger deposits.

Once victims hand over their money or transfer crypto assets to these platforms, the funds are routed directly to overseas criminal syndicates and lost.

High-Profile Figures Hijacked for Financial Fraud

According to data from the National Anti-Scam Centre, the most frequently impersonated figures in these schemes during FY26 included Australian Prime Minister Anthony Albanese, financial commentators Tom Piotrowski and Alan Kohler, and other prominent public figures, accounting for more than $ 7.4 million in reported losses.

ASIC Chair Sarah Court warned that the rapid evolution of generative AI has made online investment scams significantly harder for everyday consumers to detect.

“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,” the court said. “The presence of polished content, familiar branding or convincing testimonials does not mean an investment is legitimate.”

ASIC noted that fraudsters frequently hijack or fabricate Australian Financial Services Licence details to give their fake crypto platforms an aura of legitimacy.

In response to the surge in AI-fueled crypto and financial fraud, ASIC and Scamwatch urge consumers to take strict verification steps before transferring money or digital assets. These steps include withholding funds or data, searching ASIC’s official, free public Professional Registers to confirm that the entity behind the platform is licensed to offer financial services in Australia, and ensuring contact details match.

Prospective investors must also check official resources such as the Moneysmart Investor Alert List to see if an entity or domain has already been flagged as a suspected scam.

While ASIC has taken down more than 33,400 malicious links, fake platforms, and social media ads over the last three years, officials stress that prevention remains the frontline defense against investment scams operating from overseas jurisdictions.

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