ASIC Warns of AI-Powered Crypto Investment Scams Targeting Young Australians on Messaging Platforms

The Australian Securities and Investments Commission (ASIC) has issued a formal warning regarding highly sophisticated, artificial intelligence-powered cryptocurrency investment scams targeting Australian consumers. Released between May 25-27, 2026, the alert highlights a rising threat where scammers leverage popular messaging platforms to funnel unsuspecting investors into fraudulent schemes, resulting in substantial financial losses. Younger demographics, who are more active in digital asset markets, are being specifically targeted through these deceptive campaigns.

Scammers are utilising messaging services such as WhatsApp, Telegram, Discord, and Facebook to establish fake "share trading" or "stock tips" groups. Once individuals are lured into these groups, they are directed to sophisticated, fraudulent cryptocurrency platforms. These platforms display fabricated trading data and fake profits to convince users their investments are performing exceptionally well, though no actual trading occurs and the funds cannot be recovered.

The Mechanics of AI-Driven Deception

The sophistication of these fraudulent operations has elevated significantly due to the rapid integration of artificial intelligence. Scammers are now employing deepfake technology, fake endorsements, and celebrity impersonations to build an artificial layer of trust with potential victims. By mimicking recognisable public figures and financial experts, these networks successfully bypass the initial scepticism of retail investors.

ASIC Commissioner Alan Kirkland stated that the evolution of generative technologies has fundamentally altered the threat landscape for retail consumers:

"AI makes fake investment advertisements appear more polished, convincing, and harder to identify."

This technological advancement means that traditional indicators of online fraud, such as poor grammar, low-resolution graphics, and inconsistent branding, are increasingly absent. The resulting advertisements and platforms look highly professional, mimicking legitimate financial institutions and authorised investment programmes.

Rising Tide of Digital Takedowns

The escalation of these deceptive networks has prompted an aggressive regulatory response. During April 8-9, 2026, details emerged regarding the scale of the regulator's digital enforcement actions. In 2025, the coordinated removal of online investment threat vectors reached unprecedented levels, with the regulator securing the takedown of 11,964 phishing and investment scam websites. This represented a 90% increase compared to the 6,270 fraudulent sites removed in 2024.

Since the inception of its specialised website takedown service in 2023, the regulatory agency has successfully dismantled investment scam and phishing websites. Additionally, in 2025 alone, online investment scam advertisements were successfully removed from digital platforms. This ongoing enforcement effort is supported by a network of domestic agencies, including the , , and , all working to intercept fraudulent digital infrastructure before it reaches the public.