The Australian Securities and Investments Commission (ASIC) removed 3,106 cryptocurrency investment scams during FY26, marking an increase of nearly 30% compared to the previous year. According to the regulator's report, total online scam takedowns jumped 182% to exceed 19,400, a figure that includes fake platforms and phishing links.
During the financial year, ASIC took down 7,051 fake investment platforms, reflecting a 151% rise from FY25. Phishing link removals also surged, climbing 279% to reach 5,476.
Artificial Intelligence and Impersonation Tactics
ASIC highlighted that criminals are increasingly utilizing generative AI to construct fraudulent webs of content, including deepfake videos, fabricated reviews, and fake news articles. These methods often incorporate AI-generated footage of public figures combined with stolen branding to promote bogus trading platforms.
Scams involving the impersonation of 10 frequently targeted Australians led to more than A$7.4 million in reported losses in FY26. Among the public figures whose likenesses were utilized in these operations were Prime Minister Anthony Albanese and commentators Tom Piotrowski and Alan Kohler.
Federal police previously reported that Australians lost A$382 million to investment scams in FY24, with cryptocurrency accounting for roughly half of that total. Individuals under the age of 50 accounted for 60% of crypto scam reports.
Regulator Guidance and Enforcement Actions
ASIC Chair Sarah Court noted that advanced tactics make fraudulent operations increasingly difficult to identify. Court warned that simple web searches, polished websites, and familiar branding are insufficient for verifying the legitimacy of an investment opportunity.
The regulator advises investors to verify licence details directly through ASIC's Professional Registers instead of relying solely on a website, and to consult the Moneysmart Investor Alert List prior to transferring funds or cryptocurrency. Fraudsters have occasionally faked Australian Financial Services Licence numbers or falsely claimed that ASIC has frozen user funds, as reported in incidents involving platforms like Yepbit.
In related administrative updates, ASIC recently extended temporary licensing relief for certain digital asset businesses, moving the deadline from June 30 to September 30.
