ASIC Warns of Rise in AI-Generated Scams Using Deepfakes
The Australian Securities and Investments Commission (ASIC) has reported an increase in AI-generated investment scams using deepfake images or videos of celebrities and politicians. According to ASIC, these scams are becoming more prevalent and sophisticated due to advancements in generative artificial intelligence.
Last year, ASIC removed 19,400 scams, a 182% increase from the previous year. Phishing scams saw a 279% jump, with 5476 removed by the regulator. Fake investment platforms also rose significantly, with 7051 taken down, a 151% increase.
RBA governor Michele Bullock was impersonated in a fake interview with ABC finance presenter Alan Kohler about the algorithm Boulder Sparhaven. However, this system is not licensed to provide financial services in Australia and has been flagged as a scam by the federal government's Moneysmart website.