Australia's corporate regulator has warned that scammers are increasingly using deepfakes of politicians and celebrities to promote fake investment opportunities, with Prime Minister Anthony Albanese the figure most commonly co-opted.
Key facts
- Australians have been duped out of $7.4m through celebrity and politician deepfake scams, according to Asic.
- Anthony Albanese is the figure most commonly used in the deepfakes, the watchdog said.
- Asic reported a steep rise in scammers luring victims into phony investment opportunities.
- The scams promote fake investment schemes using manipulated video of well-known figures.
Australia’s corporate watchdog has warned of a sharp increase in scammers using deepfake videos of celebrities and politicians to lure victims into fake investment schemes, according to the Guardian. The Australian Securities and Investments Commission (Asic) said the tactic has cost Australians $7.4m.
Asic said Prime Minister Anthony Albanese is the figure most commonly co-opted in the deepfakes, which are used to promote phony investment opportunities. The regulator described a steep rise in the practice.
Deepfakes use artificial intelligence to create convincing but fabricated video or audio of real people. In these cases, according to the Guardian’s reporting of Asic’s warning, scammers deploy the manipulated content to give fraudulent investment pitches an air of credibility by appearing to feature trusted public figures.
The warning highlights how the growing accessibility of AI tools is being exploited by criminals targeting everyday investors. By attaching the likeness of a well-known politician or celebrity to a scheme, fraudsters aim to persuade people that an opportunity is legitimate.
Asic’s alert serves as a reminder for consumers to treat online investment promotions featuring public figures with caution, particularly where returns appear unusually attractive or where the endorsement seems out of character.
Why it matters
AI-generated deepfakes are making investment scams harder to spot, and Australians have already lost millions. As the technology becomes cheaper and more convincing, ordinary consumers face growing risks from fraud that appears to be endorsed by trusted public figures.
Frequently asked questions
How much have Australians lost to these deepfake scams?
According to Asic, as reported by the Guardian, Australians have been duped out of $7.4m through celebrity and politician deepfake investment scams.
Which public figure is most commonly used in the deepfakes?
Asic said Prime Minister Anthony Albanese is the figure most commonly co-opted in the deepfake scams.
What are the deepfakes used for?
The deepfakes are used to promote phony investment opportunities, luring victims into fake investment schemes, according to the watchdog.