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According to the Australian Securities and Investments Commission (ASIC), there has been a sharp rise in scammers using generative AI to create networks of deepfake websites, impersonations, and endorsements to lure victims.
The warning comes during Scam Week, where lenders and brokers have been sharing issues and solutions to Australia’s growing scam problem.
In the financial year 2026, ASIC removed more than 19,400 online scams – up 182 per cent on the previous year – including fake websites, social media ads, phishing scams, and cryptocurrency investment scams.
The National Anti-Scam Centre (NASC) said deepfakes of celebrities were also being used to legitimise disingenuous correspondence costing Australians over $7 million, with the most impersonated figures being Anthony Albanese, Jacqui Lambie, Angus Taylor, and Alan Kohler.
These impersonations often form part of a broader scam network designed to appear legitimate through spoof websites, fake reviews, fabricated news articles, and AI-generated videos.
AUSTRAC has also warned that scammers were using the agency’s authority and legitimacy to impersonate its staff to steal money and sensitive information.
Earlier in the year, Scamwatch, part of the Australian Competition and Consumer Commission, warned that scammers were posing as fake brokers to acquire personal information and documents.
“AI is making investment scams more convincing and harder to detect. A simple online search is not enough to verify whether an opportunity is legitimate,” ASIC chair Sarah Court said.
“Before investing, consumers should verify website addresses, check whether a person or company is legitimate and who they claim to be, and be wary of urgent calls to act.”
A growing problem
Since launching its take-down capability three years ago, ASIC has removed more than 33,400 scams, with take-downs of phishing scam hyperlinks increasing by 279 per cent in the past year.
Fake investment platforms were the next most pernicious, jumping 151 per cent in the last financial year, with 7,051 platforms removed, while take-downs of cryptocurrency investment scams increased by almost 30 per cent.
NASC’s 2026 report found $2.18 billion in combined losses were reported to Scamwatch, ReportCyber, IDCARE, the Australian Financial Crimes Exchange, and ASIC in the prior year, up 7.8 per cent.
Investment scams were the largest category here at $837.7 million, followed by payment redirection ($166.8 million), romance ($139.9 million), and phishing ($97.6 million).
Between January and June 2026, NASC also received 5,262 reports of bank impersonation scams, with losses of $3.25 million.
Businesses are also not immune, with new research commissioned by the Australian Banking Association (ABA) finding that four in five SMEs had been exposed to an attempted scam in the past year, while 30 per cent had a suspicious transaction flagged by their bank.
Lenders flag new tactics
National Australia Bank (NAB) has also warned about technology enabling new trends in scam activity.
New NAB data shows estimated losses from investment scams relating to superannuation surged 389 per cent between October 2025 and July 2026 compared with the prior corresponding period, although the volume of cases remained largely stable.
Around two out of three of these scams involved cryptocurrency payments, which are notoriously difficult to trace, with criminals often directing victims to convert their funds into digital assets before moving them offshore.
For Bankwest, phishing was the most prevalent scam across all demographics and the only scam type to increase by volume year on year, accounting for 52 per cent of all the bank’s cases last financial year.
Bankwest general manager home buying distribution Ian Rakhit said brokers were in a unique position of both vulnerability and strength.
“Brokers are trusted with highly sensitive financial and personal information, which can make their systems a target for phishing scams,” he said.
“We are encouraging every broker business to review its online safeguards and to stop, check and independently verify unexpected emails, links or requests before taking action.
“It’s an opportune time for brokers to help educate clients of the stop, check and reject steps to help them avoid scams.
“If a client is concerned they may have been compromised, encourage them to seek support from their bank immediately.”
Brokers have also spoken to Broker Daily about cases in which clients have fallen victim to scams, including one individual who lost around $80,000 and had to reapply for the loan at a higher LVR.
Earlier in the year, HSBC also fell foul of scammers, with ASIC ordering the bank to pay a $35 million penalty for failures to protect its customers.
Australia New Zealand Banking Group said that despite “increased scam activity”, scam losses at the bank fell by 24 per cent compared with the same period the previous year.
During that time, ANZ also prevented and recovered more than $100 million in scam and fraud-related funds.
What can be done?
While technology may be exacerbating the issue, it may not always be the remedy.
ASIC said no group or industry is safe and gave three steps to follow:
- Stop: Don’t feel pressured to respond or share money or personal information.
- Check: Verify who you’re dealing with using contact details you find yourself.
- Protect: Report suspected scams to your bank, Cyber.gov.au, and Scamwatch.
Commonwealth Bank of Australia (CBA) said talking to others and verifying information can also be important ways to prevent scams.
However, a survey by the bank’s Behavioural Science Centre found many scam victims did not speak to someone before acting, with 34 per cent saying they felt embarrassed, 33 per cent saying they did not think it was necessary, and 31 per cent believing they could handle it themselves.
On the technology front, Bankwest’s Rakhit said multi-factor authentication was key to protecting transactions.
“With around 90 per cent of Bankwest home loans originated through brokers, strengthening protection across the broker channel forms part of Bankwest’s broader approach,” Rakhit said.
“Bankwest will introduce multi-factor authentication to its Broker Portal later this year to further help protect broker access and customer information.”
ASIC’s Court said: “ASIC has significantly stepped up its online scam takedown efforts.
“Our takedown capability is important, but prevention is the best defence. That is why it is so important that Australians understand the risks of investing outside the licensed financial system and know which sources they can trust before handing over their savings.”
[Related: AI adoption is surging, but are lenders’ data systems ready?]
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