What happened
The Australian Securities and Investments Commission issued a warning regarding online investment scams utilizing generative AI and deepfake videos of prominent public figures. ASIC reported removing over 19,400 online scam pages in FY26, representing a 182% surge compared to the previous year.
Why it matters here
Fraudulent schemes are becoming harder to identify due to AI-generated news articles, fake reviews, and manipulated videos of public figures like political leaders and financial commentators. Unwary Australian retail investors face substantial capital loss risks if they rely solely on search engine verification for investment opportunities.
What to watch
Further media releases and anti-scam measures from ASIC and the National Anti-Scam Centre, as well as formal warnings regarding specific fraudulent platforms.
Source
asic.gov.au