Australia’s corporate regulator, the Australian Securities and Investments Commission (ASIC), has reported a significant increase in fraudulent investment schemes that leverage deepfake technology. These scams use manipulated video and audio of high-profile figures, including celebrities and politicians, to deceive Australians into investing money in fake platforms.

According to the watchdog, Prime Minister Anthony Albanese is the individual most commonly targeted by these bad actors. In one widely circulated example, scammers used authentic footage of the Prime Minister, overlaying it with synthetic audio that falsely claims a government-guaranteed investment opportunity. The fake audio suggests that an initial investment of $4,000 can yield monthly returns of $40,000. The scammers go as far as to label these fraudulent sites as "official platforms" to lend a sense of legitimacy to the operation.

ASIC has highlighted that these scams have resulted in approximately $7.4 million in losses for Australian victims. The regulator is urging the public to exercise extreme caution when encountering investment advertisements online, particularly those featuring public figures promising high, guaranteed returns. The use of sophisticated AI tools has made it increasingly difficult for consumers to distinguish between authentic government communications and malicious fabrications. As of now, the regulator is focusing on public awareness to mitigate further financial damage while monitoring the proliferation of these deceptive digital assets across social media and online advertising networks.