ASIC shuts 3,106 crypto scams as AI deepfakes rise

The Australian Securities and Investments Commission removed 3,106 fake cryptocurrency platforms and more than 19,400 online scams in the 2025–26 financial year, the regulator reported in a news release issued on Aug. 17, 2026.

ASIC said the crypto takedowns were almost 30% higher than the previous year and that total online scam removals rose 182% in FY26. The regulator took down fraudulent websites, social media adverts and other online content identified as part of coordinated scam operations.

Regulators described criminal groups using generative AI to create layered online ecosystems that direct potential investors from social media adverts into fake trading platforms. These operations included AI-generated videos and audio impersonations of public figures, fabricated news articles and spoofed media sites, as well as synthetic reviews and social comments intended to create false social proof.

Victims were sometimes shown small, simulated returns on user dashboards to build trust before being encouraged to make larger deposits. Once funds were transferred, ASIC said they were often routed to overseas accounts and lost to overseas syndicates, which complicates recovery and enforcement.

Data from the National Anti-Scam Centre shows the most frequently impersonated public figures in these schemes accounted for more than AU$7.4 million in reported losses during FY26. Over the past three years the regulator removed more than 33,400 malicious links, fake platforms and social media adverts tied to investment fraud.

ASIC Chair Sarah Court warned, “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 presence of polished content, familiar branding or convincing testimonials does not mean an investment is genuine.”

ASIC and Scamwatch advised investors to verify any entity before transferring money or digital assets. The regulator recommended checking ASIC’s free public Professional Registers to confirm a licence, comparing contact details against official records and consulting the Moneysmart Investor Alert List to see if an entity or domain has been flagged. Regulators also urged people to withhold funds or personal data until licensing and contact details are confirmed.

The regulator’s FY26 report highlights a rapid increase in the use of AI tools by fraudsters to scale and disguise scams and lists verification against official registers as the primary prevention step for consumers considering online investment opportunities.