ASIC Takes Down Over 19,400 Online Scams as AI-Generated Deception Rises

The Australian Securities and Investments Commission (ASIC) has taken down over 19,400 online scams in FY26, a 182% surge from the previous period. This includes 3,106 cryptocurrency investment platforms that were shut down by ASIC.

According to ASIC, scammers are increasingly using generative AI tools to create deepfake videos and endorsements of fake crypto investment vehicles. These deceptive networks often feature high-profile figures such as Australian Prime Minister Anthony Albanese, who was impersonated in over 200 cases, resulting in reported losses of more than $5.3 million.

ASIC Chair Sarah Court warned that the rapid evolution of generative AI has made online investment scams harder 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.'