Australian regulators have warned that scammers are using AI-generated deepfake videos to impersonate public figures and promote fraudulent investment schemes [1, 2].
This surge in sophisticated impersonations threatens consumer financial security by leveraging the perceived credibility of trusted national figures to legitimize scams [3].
The Australian Securities and Investments Commission (ASIC) reported a rapid rise in these activities over recent months [1, 2]. The fraudulent content targets Australian investors online, utilizing AI-generated images and videos to create the illusion of official endorsements [1, 3].
Among the high-profile targets are the Prime Minister, journalist Alan Kohler, and mining magnate Gina Rinehart [1]. Scammers use these recognizable faces to convince victims to hand over money under the guise of exclusive financial opportunities [1, 3].
"We are seeing a surge in AI‑generated impersonations that are being used to promote bogus investment schemes — it is an emerging emergency for consumers," an ASIC spokesperson said [2].
The scale of the problem is evident in recent enforcement actions. Regulators removed more than 1,200 fake celebrity-endorsed investment scams in the past month [2].
While some reports highlight broader concerns regarding political and pornographic deepfakes, ASIC's current focus remains on the immediate threat of investment fraud [1, 2]. The agency continues to monitor the distribution of these videos across social media platforms where they are most likely to reach unsuspecting retail investors [1].
"Scammers are now using the faces of the Prime Minister and well‑known business leaders to convince Australians to hand over money," an ABC News reporter said [1].
“"It is an emerging emergency for consumers."”
The shift toward AI-driven impersonation marks a transition from traditional phishing to high-fidelity social engineering. By mimicking the voice and likeness of trusted figures, scammers bypass traditional skepticism, making it harder for the average consumer to distinguish between legitimate financial advice and synthetic fraud.
