Australia's corporate regulator shut down more than 19,400 online scams in the fiscal year that ended June 30, a 182% jump from the year before. The takedowns included 3,106 cryptocurrency investment platforms, as scam syndicates lean on AI-generated deepfakes to reach Australian savers.
Why the numbers jumped
ASIC's enforcement arm has been pulling fraudulent websites, social media pages, and investment portals at a pace that dwarfs previous years. The 19,400 figure covers everything from phishing pages to fake trading apps, but the regulator points to one common thread: AI. Scam networks are now using deepfake endorsements from well-known figures to make their pitches look legitimate, and the volume of these operations has overwhelmed older detection methods.
The surge isn't just about more scams. ASIC has also gotten faster at identifying and dismantling them, according to the agency's own reporting. But the sheer scale suggests the problem is growing, not shrinking.
Crypto platforms in the crosshairs
Of the total takedowns, 3,106 were cryptocurrency investment platforms. That's a significant slice of the overall number, and it reflects a broader trend: crypto scams have become a top-tier threat to Australian retail investors. These platforms often promise high returns with low risk, and they're built to look professional, complete with fake customer support and fabricated trading charts.
ASIC has previously warned that crypto investment scams are among the hardest to unwind because the money moves quickly through exchanges and mixers. The regulator's latest figures show it's not letting up on that front.
Deepfakes and AI deception
The use of AI-generated deepfakes is a new wrinkle. Scam syndicates are creating realistic videos of politicians, celebrities, and even financial regulators to endorse bogus investment schemes. These videos are distributed across social media and messaging apps, and they're designed to bypass the skepticism that a text-based scam might trigger.
ASIC's report doesn't break down how many of the 19,400 takedowns involved deepfakes, but the regulator has flagged AI as a key enabler of fraud. The agency has been working with tech platforms to remove this content faster, though the takedown numbers suggest the syndicates are adapting just as quickly.
The regulator's next annual report will show whether the pace of takedowns holds. For now, the message to Australian savers is straightforward: if an investment pitch comes with a video endorsement, verify it through official channels before handing over any money.
