AI-Powered Investment Scams: Why a Google Search Is No Longer Enough
- Wis AU
- 4 days ago
- 2 min read
A celebrity endorsement, a polished website and glowing reviews may look convincing—but ASIC warns that AI is making investment scams harder than ever to spot.
A quick Google search used to feel like a good way to check whether an investment opportunity was legitimate. Today, it may not be enough.
Recently, ASIC warned that scammers are using generative AI to create convincing deepfake videos, fake websites, fabricated news articles and online reviews to make fraudulent investments appear genuine.
And the numbers are alarming.
In FY2026, ASIC removed more than 19,400 online scams—an 182% increase from the previous year. This included 7,051 fake investment platforms, up 151%, and 5,476 phishing scam links, up 279%.
Follow us on LinkedIn for the latest industry updates and trending news.
The Scam Doesn’t Stop at One Fake Website
Today's investment scams can operate as an entire online network.
You might see a social media advertisement featuring a well-known Australian, click through to a fake news article, read convincing reviews and eventually arrive at a professional-looking investment platform.
Scammers may then use phone calls, fake account statements or even small "profit" payments to build your confidence.
The investment may not exist at all.
Don't Trust the Face. Verify the Facts.
ASIC reported $7.4 million in losses linked to scams impersonating well-known Australians in FY2026.
The key lesson? A familiar face does not make an investment legitimate.
Even an Australian Financial Services Licence (AFSL) number should not automatically be trusted. Scammers may use another company's licence details or impersonate a legitimate financial services business.
Before investing, independently verify:
· the AFSL holder's name and licence number through ASIC's professional registers;
· whether the investment appears on ASIC's Investor Alert List; and
· whether the contact details match those of the legitimate business.
Remember: Stop. Check. Protect.
ASIC and the National Anti-Scam Centre recommend three simple steps:
STOP — Don't rush. Be cautious of pressure to invest immediately.
CHECK — Don't rely on Google, social media or testimonials. Verify the opportunity through trusted sources.
PROTECT — If you encounter a scam, contact your bank and report it to the appropriate authorities.
The Bottom Line
AI has made scams more sophisticated—but it doesn't change the most important rule:
If you can't independently verify the investment, don't invest.
A professional-looking website can be fake. A celebrity video can be AI-generated. Even a genuine licence number can be misused.
In the age of AI, don't just search. Verify.
Disclaimer
This article reflects publicly available information regarding the exposure of draft legislation as at the date of publication and is general in nature. It does not constitute tax, financial, or legal advice and should not be relied upon without obtaining professional advice tailored to your specific circumstances. To discuss how these proposed changes may affect you or your business, please contact our advisory team at Wis Australia.
Liability Limited By A Scheme Approved Under Professional Standards Legislation.
