ASIC shuts down 3,106 crypto scams as AI fraud surges in Australia

Australia’s securities regulator has removed 3,106 cryptocurrency investment scams during FY26 as its total online scam takedowns surged 182% to more than 19,400. Summary ASIC removed 3,106 cryptocurrency investment scams during FY26, nearly 30% more than the previous year. Total online scam takedowns surged 182% to more than 19,400, including fake investment platforms and phishing links. Scammers are using AI deepfakes, fake news reports and celebrity impersonations to make fraudulent crypto platforms appear legitimate. Scams impersonating 10 frequently targeted Australian public figures accounted for more than A$7.4 million in reported losses. ASIC urged investors to independently verify licence details before sending money or cryptocurrency. The Australian Securities and Investments Commission said in an Aug. 17 release that crypto investment scam removals increased by almost 30% from the previous financial year, while criminals increasingly used generative AI, fake celebrity endorsements and networks of fabricated websites to convince investors that fraudulent platforms were legitimate. Across the financial year, ASIC also removed 7,051 fake investment platforms and 5,476 phish...