Australian regulator warns deepfake investment scams caused $7.4 million in losses
Australia’s corporate regulator says scammers are increasingly using deepfakes of politicians and celebrities to promote fraudulent investment schemes.
In short
- Australia’s corporate regulator says scammers are increasingly using deepfakes of politicians and celebrities to promote fraudulent investment schemes.
Australia’s corporate regulator has warned of a sharp rise in fraudulent investment promotions that use deepfake images and videos of politicians and celebrities, with reported losses reaching 7.4 million Australian dollars.
The Australian Securities and Investments Commission said Prime Minister Anthony Albanese was the public figure most frequently impersonated in the scams. The fabricated endorsements are used to steer people towards bogus investment opportunities.
The warning, reported on August 17 Australian time, highlights the growing use of generative artificial intelligence to make false promotions appear credible. The schemes exploit recognisable faces to create an impression that an investment has official or celebrity backing.
Consumers should verify investment offers through official channels and should not rely on social-media videos or advertisements as proof of endorsement. Unexpected requests to transfer funds, claims of guaranteed returns and pressure to act quickly are common indicators of investment fraud.
