ASIC Removes More Than 3,100 Crypto Scams in FY26, Warns of AI-Driven Fraud
Key Takeaways
- •ASIC removed 3,106 cryptocurrency investment scams in FY26, nearly 30% more than the previous year, within a total of more than 19,400 online scam takedowns that marked a 182% rise from FY25.
- •Fake investment platform removals climbed 151% to 7,051, while phishing link takedowns surged 279% to 5,476 compared with the prior financial year.
- •Criminals are increasingly using generative AI, including deepfake videos of politicians and financial commentators, fake news articles, and fabricated testimonials, to promote fraudulent trading platforms and build victim trust through fake profit dashboards.
- •Scams impersonating ten frequently targeted public figures, among them Prime Minister Anthony Albanese and commentators Tom Piotrowski and Alan Kohler, produced more than A$7.4 million in reported losses during FY26.
- •ASIC advises investors to verify licence details on its Professional Registers and consult the Moneysmart Investor Alert List, warning that a simple online search is not enough to confirm whether an investment opportunity is legitimate.
Australia’s securities regulator has intensified its crackdown on online fraud, with ASIC removing 3,106 cryptocurrency investment scams during FY26.
The figure was nearly 30% higher than the previous year. ASIC also removed 7,051 fake investment platforms and 5,476 phishing links. Fake platform takedowns rose 151% compared with FY25, while phishing link removals increased 279% over the same period.
In total, ASIC took down more than 19,400 online scams during the financial year, representing a 182% increase from FY25. The scale of the removals shows how quickly scam operations can spread across websites, messaging channels and social platforms before authorities and hosts can intervene.
How AI Is Fueling Crypto Scam Networks
ASIC said criminals are increasingly using generative AI to create elaborate layers of deception around a single scam. These tactics can include deepfake videos, fake news articles, and fabricated reviews.
Some scams use AI-generated footage of politicians or financial commentators, combined with copied branding and fake testimonials, to promote fraudulent trading platforms.
After a victim shares personal details, scammers often follow up by phone. In some cases, they display fake profits on a dashboard to build trust before asking for larger transfers.
ASIC Chair Sarah Court said this trend makes scams harder to detect. “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 that an investment is real.
Celebrity Deepfakes Linked to Millions in Losses
Scams impersonating 10 frequently targeted public figures led to more than A$7.4 million in reported losses in FY26. The figures included Prime Minister Anthony Albanese and commentators Tom Piotrowski and Alan Kohler.
The 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 and 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 accounted for close to half of that total, with people under 50 making up 60% of crypto scam reports.
Fake trading platforms often show fabricated profits and rising balances. When victims try to withdraw money, scammers may demand additional 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 took action against a platform called Yepbit after customers said they could not withdraw funds. Yepbit told users that ASIC had frozen their money, a claim the regulator denied.
ASIC said fraudsters sometimes falsify Australian Financial Services Licence numbers to appear legitimate. The regulator advises investors to check licence details on its Professional Registers rather than relying on a web search alone. Investors can also consult 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.
