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The Australian Securities and Investments Commission removed 3,106 crypto investment scams in the 2025–26 financial year, a nearly 30% jump from the year before, as fraud networks increasingly rely on artificial intelligence, fake endorsements and deepfake videos to lure victims.
At the same time, ASIC’s broader online scam disruption operation expanded sharply, with more than 19,400 malicious websites, links and advertisements removed during the year.
ASIC’s latest figures show the scale of the enforcement effort. The regulator said crypto investment scam removals rose by nearly 30% during FY26, while total online scam takedowns jumped 182% to more than 19,400.
The operation also removed 7,051 fake investment platforms and 5,476 phishing links. Fake investment platform removals increased 151% compared with FY25, while phishing-link takedowns rose 279%.
ASIC said criminals are increasingly combining different forms of fabricated online content to create the appearance of credibility around fraudulent investment businesses.
A potential victim may first encounter an advertisement on social media, then find what appears to be an independent news report, positive reviews and comments supporting the same platform.
Artificial intelligence is becoming an important component of the fraud networks ASIC is targeting.
According to the regulator, criminals can use generative AI to produce deepfake videos, fabricated media coverage, artificial reviews and social media comments around a single fraudulent investment.
The technology can also be used to imitate politicians, financial commentators and other recognizable figures. Their apparent involvement can give an otherwise unknown trading platform an immediate sense of legitimacy.
ASIC Chair Sarah Court warned investors against assuming that polished online material represents genuine financial authorization.
The warning is particularly relevant to investors searching online for unfamiliar exchanges, trading systems or automated investment products.
A professional-looking website, verified-looking social media account or convincing promotional video may be part of a coordinated deception rather than evidence of a genuine business.
The regulator’s assessment suggests that crypto scams are evolving from isolated fraudulent websites into broader campaigns that can manipulate several sources of information at once.
Public-figure impersonation has also become a significant element of Australia’s crypto scams problem.
Data from the National Anti-Scam Centre cited by ASIC showed that the 10 most frequently impersonated Australian public figures were associated with more than A$7.4 million in reported losses during FY26.
Among the figures reportedly impersonated were Prime Minister Anthony Albanese and financial commentators Tom Piotrowski and Alan Kohler.
The tactics are not entirely new. In 2024, scammers used manipulated footage to make Australian mining billionaire Andrew Forrest appear to promote a fraudulent cryptocurrency trading platform.
Another incident involved a compromised 7News YouTube account that used an AI-generated version of Elon Musk to promote a cryptocurrency scam.
The broader financial impact is substantial. Australian authorities previously reported A$382 million in investment scam losses during FY24, with cryptocurrency accounting for nearly half of the total.
The danger does not necessarily end once an investor reaches a fraudulent platform. ASIC has warned that some fake trading websites can display fabricated transactions, account balances and profits even though no genuine investment activity is taking place.
This can create a powerful psychological trap. An investor may see an account balance increasing and believe that the platform is successfully generating returns. Once confidence has been established, scammers can encourage larger deposits.
When victims attempt to withdraw their supposed profits, operators may demand additional payments described as withdrawal fees or other charges. The displayed profits may never have existed outside the fraudulent interface.
ASIC has advised investors to independently check an investment provider’s identity and Australian Financial Services Licence information through its official registers.
The regulator also pointed investors toward the Moneysmart Investor Alert List for suspected scam companies, websites and investment offers.
The rise in crypto scams also comes as Australia’s regulatory framework for legitimate digital-asset businesses continues to develop.
The High Court recently ruled against Block Earner in a case involving its former fixed-yield cryptocurrency product, while ASIC has separately extended temporary licensing relief for certain digital-asset businesses seeking authorization.
ASIC’s latest enforcement figures underline a broader reality for the digital-asset market: as legitimate crypto adoption grows, so does the incentive for criminals to imitate legitimate businesses.
The regulator’s removal of 3,106 crypto scams during FY26 represents a significant disruption effort, but the continued use of AI indicates that investors cannot rely on appearances alone.
Before sending cryptocurrency or personal information to an unfamiliar platform, checking the provider through official regulatory channels remains a critical safeguard.
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