Deepfakes Supercharge Investment Scams

Australia securities regulator has warned that generative AI is making investment scams increasingly sophisticated, with criminals using deepfake videos of celebrities and politicians alongside fake websites, fabricated news stories and fraudulent testimonials to convince victims that investment opportunities are legitimate.

The Australian Securities and Investments Commission (ASIC) says deepfake impersonation has become part of a much broader fraud ecosystem. According to the National Anti-Scam Centre, prominent Australians including Anthony Albanese, Jacqui Lambie, Angus Taylor, Tom Piotrowski and Alan Kohler were among the most impersonated public figures during FY26.

The scale of the problem is accelerating. ASIC says it removed more than 19,400 online scams in FY26, an increase of 182% over the previous year. These included fraudulent websites, social-media advertisements, phishing campaigns and cryptocurrency investment scams.

AI Is Changing the Economics of Fraud:

The bigger concern is not simply that deepfakes are becoming more realistic. Generative AI allows criminals to create an entire synthetic trust environment around a scam: a recognizable celebrity endorsement leads to a professional-looking website, which is reinforced by fake reviews, fabricated news articles and AI-generated videos.

This makes traditional consumer instincts increasingly unreliable. Professional design, familiar branding and even seeing a trusted person apparently recommending an investment can no longer be considered proof of authenticity.

ASIC Chair Sarah Court therefore advises investors to independently verify whether financial businesses hold legitimate Australian Financial Services licences rather than relying on online searches or promotional material.

Digital Trust Needs a New Model

The development carries implications well beyond Australia. Deepfake fraud is evolving from individual fake videos into coordinated impersonation ecosystems. Banks, governments, social platforms and enterprises will increasingly need technologies capable of validating identity, voice, video, websites and transaction context together.

The security principle is changing accordingly: seeing is no longer believing. In the AI era, digital trust will increasingly depend on independent verification before money, credentials or authority change hands.