Key facts
- Scammers are using deepfakes of public figures, including Prime Minister Anthony Albanese, in fraudulent investment schemes.
- Australians have lost $7.4 million to scams impersonating the top 10 public figures.
- Australia's corporate watchdog, Asic, reported a steep rise in scams, with over 19,400 cases last financial year.
- AI is making investment scams more convincing and harder to detect.
- Consumers are advised to verify investment opportunities and report suspicious activity.
Australia's corporate watchdog, Asic, has issued a warning about a significant increase in investment scams that utilize deepfake technology, often featuring impersonations of politicians and celebrities. Prime Minister Anthony Albanese is reportedly the most frequently co-opted figure, appearing in videos falsely promoting investment opportunities with promises of high returns.
These scams are becoming more sophisticated, with scammers creating networks of fake brands, websites, reviews, and news articles to lend credibility. Asic reported dealing with over 19,400 scams in the last financial year, a nearly threefold increase from the year prior. The National Anti-Scam Centre's Scamwatch received reports indicating that Australians lost $7.4 million to scams impersonating the top 10 public figures, with Albanese at the forefront.
Deepfake videos often feature fabricated audio and sometimes American accents, with false claims of guaranteed returns or hourly earnings. Beyond Albanese, other public figures like economists Tom Piotrowski and Stephen Koukoulas, ABC financial journalist Alan Kohler, politicians Jacqui Lambie and Angus Taylor, entrepreneur Dick Smith, billionaire Gina Rinehart, economist Alan Oster, Pauline Hanson, and the late radio legend John Laws have also been impersonated.
Asic noted that scammers adapt their tactics based on current news cycles and topical issues. The commission took down a substantial number of scam-related links and platforms, including 5,476 phishing scam hyperlinks, 7,051 fake investment platforms, and 3,106 cryptocurrency scams. Asic chair Sarah Court emphasized that polished content or familiar branding does not guarantee legitimacy and urged consumers to verify website addresses and company credentials, warning that simple online searches may not be sufficient.
Research suggests a disconnect between Australians' confidence in spotting AI scams and their actual ability, with many unable to identify them accurately. Separately, Independent MP Zali Steggall has proposed legislation to address deceptive political advertising, advocating for clear identification of AI-generated content.