AI-Generated Crypto Scams Target Aussie Investors

Australian investors have been targeted by sophisticated AI-generated networks that promote fake cryptocurrency platforms and deepfake endorsements, according to the Australian Securities and Investments Commission (ASIC). In the past financial year, ASIC shut down over 19,400 online scams, a 182% surge, including 3,106 cryptocurrency investment platforms.

The scams often use high-profile celebrity impersonations, such as that of Prime Minister Anthony Albanese, to promote fake digital asset platforms. Victims are led through carefully staged online ecosystems and shown small initial returns on fake user dashboards to build trust before being pressured to make larger deposits.

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,' she said. 'A simple online search is not enough to verify whether an opportunity is legitimate.'