The Australian Securities and Investments Commission removed 3,106 cryptocurrency investment scams during FY26, representing a nearly 30% increase from the previous financial year. According to ASIC's August 17 release, this surge was part of a broader crackdown that saw total online scam takedowns surge 182% to more than 19,400 across Australia. The regulator also removed 7,051 fake investment platforms and 5,476 phishing links during the same period, with fake investment platform removals rising 151% and phishing link takedowns increasing 279% from FY25. Over the past three years, ASIC has removed more than 33,400 malicious links, fake platforms and social media adverts tied to investment fraud.
Criminals are increasingly using generative AI, fake celebrity endorsements and networks of fabricated websites to make fraudulent crypto platforms appear legitimate. As reported by ASIC, criminal groups are creating layered online ecosystems that direct potential investors from social media adverts into fake trading platforms. These operations include AI-generated videos and audio impersonations of public figures, fabricated news articles and spoofed media sites, as well as synthetic reviews and social comments intended to create false social proof. After victims enter their details, scammers may show small returns or apparent profits before encouraging larger transfers, with funds often routed to overseas accounts and lost to overseas syndicates. According to blockchain intelligence firm TRM Labs, criminal adoption of artificial intelligence has climbed 40% year-on-year in 2026, with scams being the only category rated Mature on their AI-in-Crime Adoption Index.
Celebrity and public figure impersonation has contributed to millions in reported losses, with scams involving the 10 most frequently impersonated public figures accounting for more than A$7.4 million in reported losses during FY26. According to National Anti-Scam Centre data cited by ASIC, Prime Minister Anthony Albanese and financial commentators Tom Piotrowski and Alan Kohler were among the public figures frequently impersonated during FY26. Similar tactics have been used previously, including a February 2024 deepfake crypto promotion that impersonated Australian mining billionaire Andrew Forrest to advertise Quantum AI, claiming the platform could generate daily profits ranging from $700 to $2,200. TRM Labs reports that reported deepfake scam losses in 2026 already exceed the 2025 total by 263%, with the share of scam reports in which AI was part of the attack growing by roughly 13 times since 2022.
According to TRM Labs, AI now runs the whole scam, from target list to victim chat, with scams topping their AI-in-Crime Advertisement Index. The index rates four crime types on how common AI use is, how many stages of an operation it touches, and how advanced it is. Among crypto scams with live domains, 17% advertise AI products, demonstrating the widespread adoption of AI-powered fraudulent schemes. TRM Labs notes that among the 201 hacks logged in the first half of 2026, 4% of incidents produced 75% of the stolen value, with North Korea accounting for roughly $600 million, or 61% of the half-year total. The firm warns that holding the current parity between offense and defense depends on enforcement and compliance tooling scaling at the same pace.
The scam removals represent a significant increase from ASIC's first year of scam disruption operations, when the regulator removed more than 7,300 phishing and investment scam websites between July 2023 and July 2024. Australian authorities have separately reported substantial crypto investment fraud losses, with Australians recording A$382 million in investment scam losses during FY24, where cryptocurrency accounted for nearly half of the total. People under 50 represented 60% of reported crypto investment scam cases, highlighting the vulnerability of younger investors to these sophisticated fraud schemes. The regulator's FY26 report highlights a rapid increase in the use of AI tools by fraudsters to scale and disguise scams and lists verification against official registers as the primary prevention step for consumers considering online investment opportunities.
