Australia's financial regulator has warned of a surge in investment scams using deepfake videos of Anthony Albanese and other celebrities. The Prime Minister is the most commonly exploited figure in the fraudulent schemes.
Scammers are increasingly deploying deepfake technology to dupe Australians into fake investment opportunities, according to the Australian Securities and Investments Commission (ASIC).
Prime Minister Anthony Albanese has become the primary target, appearing in synthetic videos designed to lend credibility to phony investment pitches. The deepfakes typically show the PM or well-known celebrities endorsing dubious financial schemes.
ASIC estimates the scams have cost Australians at least $7.4 million in losses. The watchdog attributes the rise to improvements in deepfake technology, which now makes convincing synthetic media easier and cheaper to produce.
The scams typically operate by:
- Creating fake social media accounts impersonating celebrities or politicians
- Posting deepfake videos appearing to endorse investment opportunities
- Directing victims to fraudulent websites mimicking legitimate investment platforms
- Requesting upfront payments or personal financial information
ASIC has flagged the trend as part of broader concerns about synthetic media's potential for financial fraud. The regulator warns Australians to verify investment opportunities through official channels and be skeptical of celebrity endorsements discovered through social media.
The warning comes as deepfake technology becomes more accessible. Generative AI tools capable of creating convincing video and audio forgeries are increasingly available online, lowering barriers to entry for cybercriminals.
While the specific deepfake content targeting Albanese has circulated widely, victims typically discover the scams through social media platforms rather than mainstream media outlets. This allows fraudsters to operate with less scrutiny.
ASIC recommends reporting suspected scams to the regulator directly. Victims of investment fraud can also lodge reports with the Australian Cyber Security Centre. The watchdog continues to monitor the scale and sophistication of deepfake-based financial schemes as the technology evolves.
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