AI-crafted deepfake of Prime Minister fuels $7.4 million Australian investment scam, ASIC warns

Australia’s securities regulator warned that AI tools are enabling scammers to produce convincing deepfake videos of Prime Minister Anthony Albanese and other well-known figures to lure investors. In one clip the fabricated Albanese touts an “official platform” promising $4,000 investments that yield $40,000 a month, while other videos claim hourly earnings of $35. ASIC dealt with more than 19,400 scams in the last financial year, almost triple the prior year’s total, and identified $7.4 million lost to the ten most-imitated personalities, led by Albanese.

The fraud network also creates fake brands, websites, reviews and news items to reinforce the deception, directing money to overseas criminals. The regulator removed 5,476 phishing hyperlinks, 7,051 sham investment sites and saw a 30 % rise in cryptocurrency scams. ASIC chair Sarah Court urged the public to check website addresses, confirm licences against ASIC’s registers and treat urgent offers with suspicion. Independent MP Zali Steggall has introduced legislation to require clear labeling of AI-generated political content.