ASIC removed 3,106 crypto scams, 7,051 fake platforms in FY26. Deepfakes of public figures drove A$7.4M in losses. Crypto licensing relief runs to Sept. 30.
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Australia's corporate regulator removed 3,106 cryptocurrency investment scams in FY26, the financial year that ended June 30, close to 30% more than the prior year. Removals were part of a wider sweep that took down more than 19,400 online scams, a 182% jump from FY25.
Fake investment platforms accounted for 7,051 of the takedowns, up 151% from FY25. Phishing link removals climbed 279% to 5,476.
ASIC attributes much of the surge to generative AI, which it says lets fraudsters stack deepfake videos and fabricated news stories around a single scam. The fake content promotes bogus trading platforms, often pairing AI-generated footage of politicians or financial commentators with copied branding. Once a victim shares details, follow-up often comes by phone. Scammers show fake profits on a dashboard to build trust, then ask for larger transfers.
Sarah Court, ASIC's chair, said the technology makes scams harder to catch. "A simple online search is not enough to verify whether an opportunity is legitimate," she said. Polished websites and familiar branding do not prove an investment is real, Court added.
Reported losses from scams impersonating 10 frequently targeted public figures topped A$7.4 million in FY26, ASIC said. The list included Prime Minister Anthony Albanese, plus commentators Tom Piotrowski and Alan Kohler.
The tactic is not new. In 2024, a synthetic video of mining billionaire Andrew Forrest was used to promote a fake trading platform called Quantum AI. Months later, hackers took over a 7News YouTube account and pushed a crypto scam through a QR code using an AI-generated version of Elon Musk.
Federal police say Australians lost A$382 million to investment scams in FY24. Crypto was close to half of that total. People under 50 filed 60% of crypto scam reports.
The platforms show made-up profits and rising balances. When a victim tries to withdraw, scammers demand extra fees before releasing funds that never existed.
Law enforcement has pursued some of these networks. Two men were charged in February over an alleged A$5 million scam tied to a platform called NEXOpayment. ASIC also moved against Yepbit after customers reported being unable to withdraw funds; the platform told users ASIC had frozen their money, a claim the regulator denied.
ASIC says fraudsters sometimes fake Australian Financial Services Licence numbers to appear legitimate. Investors can check licence details on the Professional Registers, or consult the Moneysmart Investor Alert List before sending money or crypto to any platform.
Separately, ASIC extended temporary licensing relief for some digital asset businesses. The deadline now falls on Sept. 30, pushed back from June 30.
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