ASIC Removes 19,400 Scam Listings as AI Fuels Investment Fraud

Australian regulators have removed more than 19,400 pieces of online scam content during the 2026 financial year, as criminals increasingly use artificial intelligence to make fake investment opportunities appear more convincing.

The Australian Securities and Investments Commission (ASIC) said it removed 19,400 scam websites, advertisements and other online content between July 2025 and June 2026, representing an annual increase of 182 per cent.

The regulator has warned that generative AI is making investment fraud more difficult to identify by allowing criminal groups to create convincing fake celebrity endorsements, websites, reviews and other content that appear to come from independent sources.

For forex, gold, cryptocurrency and share traders, the warning is particularly relevant. A professional looking website or a seemingly legitimate broker advertisement can no longer be treated as evidence that an investment platform is genuine.

ASIC said scammers are increasingly building entire networks of false information around fraudulent investment platforms.

A scam may begin with an advertisement appearing on a legitimate social media or online platform. Once a potential victim clicks on the advertisement, they may be redirected to a fake website designed to imitate a recognised financial brand.

The website may feature fabricated testimonials, celebrity endorsements and positive reviews. Separate websites may also publish seemingly independent articles or reviews supporting the same platform.

In reality, ASIC warned, these pieces of content can all be created and controlled by the same criminal operation.

The regulator's chair, Sarah Court, said artificial intelligence was making investment scams more persuasive while also making them harder for consumers and authorities to detect.

The scale of impersonation is already significant. ASIC reported that scams involving the impersonation of public figures generated A$7.4 million (approximately RM21 million) in reported losses during the period.

One of the biggest challenges facing investors is the growing use of legitimate regulatory information by fraudulent brokers.

ASIC warned that the presence of an Australian Financial Services licence number on a website does not necessarily prove that the company behind the website is the actual licence holder.

Scammers may copy the licence details of legitimate financial firms and display them on fake websites. Others may create businesses that closely resemble licensed companies in terms of branding, names and online presentation.

This means investors who simply search for a licence number may still be exposed to fraud if they fail to confirm whether the licence belongs to the exact company offering the investment service.

For traders, this distinction is critical. A scam broker can appear regulated on the surface while operating completely outside the regulatory framework of the company whose credentials it has copied.

ASIC also highlighted how investment scams can develop gradually rather than immediately demanding large amounts of money.

After obtaining a victim's contact details, scammers may use prepared scripts to establish communication and encourage the individual to open an account on a fake investment platform.

Some victims may initially see small profits displayed on their accounts. In certain cases, they may even be allowed to withdraw a small amount of money. The apparent success is then used to encourage larger deposits. Once the victim has committed substantial funds, withdrawals may suddenly become difficult or impossible. The platform may demand additional payments described as taxes, verification fees or account charges before funds can supposedly be released.

The pattern is familiar across forex, cryptocurrency and other online investment scams.

The sharp increase in scam content removed by ASIC extends across several categories.

Between July 2025 and June 2026, the regulator removed 5,476 phishing links, an increase of 279 per cent from the previous year.

It also removed 7,051 fake investment platforms, up 151 per cent, while 3,106 cryptocurrency investment scams were taken down, representing an increase of about 30 per cent.

The wider trend has also accelerated. ASIC removed 11,964 scams in 2025, approximately 90 per cent more than the previous year.

The figures point to a rapidly expanding online fraud ecosystem in which scammers can create, modify and distribute fraudulent material at a scale that would have been considerably harder to achieve before the widespread use of generative AI.