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Public story · 2026-08-17 · high
ASIC says a quick online search can't verify an investment anymore, as generative AI mass-produces deepfake celebrity endorsements for scam sites.
Why now: ASIC issued the warning in coverage dated August 17, 2026.
ASIC took down 19,000 scam sites in the past year, per Finextra. That's up 182% from 2025's total, and Australians already lost $7.4 million to scams that impersonated just ten public figures.
The 19,000 figure compares to 11,964 phishing and investment scam sites pulled across all of 2025. That total itself marked a 90% jump over the prior period's 6,270 removals. The pace keeps accelerating rather than leveling off.
ASIC's warning names the mechanism. Generative AI now lets scammers spin up deepfake investment sites and celebrity endorsements faster than any takedown team can match. The regulator put it plainly: a quick online search is not enough to verify an investment is real, per Finextra.
What the report doesn't say is how many sites ASIC estimates it's still missing. It also doesn't say what share of the $7.4 million in losses came from sites that were live before any takedown went out. A 182% rise in takedowns can mean enforcement is improving. It can also mean fraud volume is growing faster than takedowns catch it. The report doesn't say which.
Each link below shares sources, entities, or timing with this story.
Shared entity: Finextra / Same source domain / Earlier coverage / Tension
Both cover Finextra; reported by the same outlet (finextra.com); earlier Finextra coverage from 2026-07-01.
Shared entity: Finextra / Same source domain / Earlier coverage
Both cover Finextra; reported by the same outlet (finextra.com); earlier Finextra coverage from 2026-08-12.
Both cover Finextra; reported by the same outlet (finextra.com); earlier Finextra coverage from 2026-07-24.
Both cover Finextra; reported by the same outlet (finextra.com); earlier Finextra coverage from 2026-07-24.
Both cover Finextra; reported by the same outlet (finextra.com); earlier Finextra coverage from 2026-07-22.
Both cover Finextra; reported by the same outlet (finextra.com); earlier Finextra coverage from 2026-07-20.
Both cover Finextra; reported by the same outlet (finextra.com); earlier Finextra coverage from 2026-07-18.
Both cover Finextra; reported by the same outlet (finextra.com); earlier Finextra coverage from 2026-07-16.