TLDR
ASIC removed 3,106 cryptocurrency investment scams in FY26, nearly 30% more than the year before.
Total online scam takedowns jumped 182% to more than 19,400, including fake platforms and phishing links.
Scammers are using AI deepfakes and fake celebrity endorsements to make fraudulent crypto sites look real.
Impersonation scams involving 10 well known Australians led to more than A$7.4 million in reported losses.
ASIC is telling investors to check licence details on its own registers, not just trust a web search.
Australia’s securities regulator has stepped up its fight against online fraud. ASIC removed 3,106 cryptocurrency investment scams during FY26.
That is close to a 30% rise from the year before. The regulator also removed 7,051 fake investment platforms and 5,476 phishing links.
Fake platform takedowns rose 151% compared to FY25. Phishing link removals climbed 279% over the same period.
In total, ASIC took down more than 19,400 online scams during the financial year. That is a 182% jump from FY25.
How AI Is Fueling Crypto Scam Networks
ASIC says criminals are now using generative AI to build entire webs of fake content around a single scam. This can include deepfake videos, fake news articles and fabricated reviews.
Some scams use AI generated footage of politicians or financial commentators. These clips are combined with copied branding and fake testimonials to promote bogus trading platforms.
Once a victim shares their details, scammers often follow up by phone. They may show fake profits on a dashboard to build trust before asking for larger transfers.
ASIC Chair Sarah Court said this makes scams harder to catch. “A simple online search is not enough to verify whether an opportunity is legitimate,” she said.
Court added that polished websites and familiar branding do not prove an investment is real.
Celebrity Deepfakes Linked to Millions in Losses
Scams impersonating 10 frequently targeted public figures resulted in more than A$7.4 million in reported losses in FY26. Those figures included Prime Minister Anthony Albanese and commentators Tom Piotrowski and Alan Kohler.
This tactic is not new. In 2024, a deepfake video of mining billionaire Andrew Forrest was used to promote a fake trading platform called Quantum AI.
Later that year, hackers took over a 7News YouTube account. They used an AI generated version of Elon Musk to push a crypto scam through a QR code.
Federal police say Australians lost A$382 million to investment scams in FY24. Crypto made up close to half of that total, with people under 50 making up 60% of crypto scam reports.
Fake trading platforms often show made up profits and rising balances. When victims try to withdraw money, scammers may demand extra fees before releasing funds that never existed.
Law enforcement has pursued some of these networks. In February, two men were charged over an alleged A$5 million scam tied to a platform called NEXOpayment.
ASIC also acted against a platform called Yepbit after customers said they could not withdraw funds. Yepbit told users that ASIC had frozen their money, which the regulator denied.
ASIC says fraudsters sometimes fake Australian Financial Services Licence numbers to look legitimate. It advises checking licence details on its own Professional Registers rather than trusting a website alone.
Investors can also check the Moneysmart Investor Alert List before sending money or crypto to any platform.
Separately, ASIC recently extended temporary licensing relief for some digital asset businesses. The new deadline moved from June 30 to September 30.
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