ASIC reports surge in AI-driven crypto scams across Australia

Overall, the regulator’s disruption efforts intensified significantly, with total online scam takedowns rising 182% to reach over 19,400. This figure includes the removal of 7,051 fake investment portals and 5,476 phishing links. Criminals now construct elaborate ecosystems where social media ads funnel potential victims toward fraudulent news articles and AI-generated reviews, designed to mimic legitimate financial institutions. These operations often use deepfakes of public figures—including Prime Minister Anthony Albanese and prominent commentators—to promote non-existent trading systems, resulting in over A$7.4 million in reported losses from just 10 frequently impersonated individuals.

ASIC Chair Sarah Court warned that traditional verification methods are no longer sufficient against such high-fidelity deception. Scammers frequently maintain fake dashboards that display fabricated profits to build trust, only to demand additional fees when victims attempt to withdraw funds. The regulator emphasizes that investors must independently cross-reference licence details against the official Professional Registers rather than relying on credentials provided on investment websites. With younger demographics reporting high exposure to crypto advertisements, authorities caution that polished branding and familiar faces are increasingly used as tools to bypass due diligence.