Australia’s corporate regulator says it shut down 3,106 cryptocurrency investment scams during FY26 as online fraud campaigns became larger and more sophisticated. The Australian Securities and Investments Commission, or ASIC, said the crypto takedowns were part of more than 19,400 scam removals overall in the financial year, a total that was up 182% from the prior period.
In an Aug. 17 news release, ASIC warned that overseas criminal syndicates are increasingly using generative AI, deepfake endorsements and fabricated reviews to make fake investment platforms appear credible. The regulator said these schemes often target Australians through coordinated online networks rather than a single website, making them harder to identify through basic checks.
Crypto scams were a major part of the FY26 crackdown
ASIC said the 3,106 crypto investment platforms it removed in FY26 represented a nearly 30% increase from the previous financial year. Across all categories, the regulator reported shutting down thousands of fake investment sites and phishing operations as scam activity accelerated.
The agency described cryptocurrency schemes as a major lure for cybercriminals seeking to exploit interest in new investment products. According to ASIC, fraudsters are packaging bogus crypto opportunities inside polished online campaigns that can resemble legitimate financial services.
How the scam networks are built
Rather than directing victims to a single fake page, syndicates are said to be constructing interconnected ecosystems designed to survive simple web searches. ASIC said people may first encounter these offers through social media advertisements promoting high-yield investments or automated crypto trading tools.
Those campaigns can include deepfake videos of political figures, spoofed media sites carrying fabricated articles, and AI-generated comments or reviews that create artificial social proof. In some cases, victims are shown small early gains on fake account dashboards, a tactic used to build confidence before larger deposits are requested.
ASIC said that once money or crypto assets are transferred to the platforms, the funds are routed to overseas criminal syndicates and are lost.
Impersonations and false credentials add credibility
Data cited from the National Anti-Scam Centre showed that some of the most commonly impersonated figures in these schemes during FY26 included Prime Minister Anthony Albanese and financial commentators Tom Piotrowski and Alan Kohler. Reported losses linked to impersonations of prominent public figures exceeded $7.4 million, according to the data.
ASIC Chair Sarah Court said generative AI is making investment scams harder for everyday consumers to spot. The regulator also warned that fraudsters often hijack or fabricate Australian Financial Services Licence details to give fake crypto platforms the appearance of legitimacy.
What officials say consumers should verify next
ASIC and Scamwatch said prevention remains the first line of defense, especially because many of the operations are based overseas. Officials urged people not to send money or sensitive data before checking whether a business is licensed to provide financial services in Australia.
The regulator said prospective investors should use ASIC’s public Professional Registers and confirm that contact details match the licensed entity. It also pointed to the MoneySmart Investor Alert List as another official resource for checking whether a platform or domain has already been flagged as a suspected scam.
Over the last three years, ASIC said it has taken down more than 33,400 malicious links, fake platforms and social media advertisements. Even with those removals, the agency’s latest warning suggests the next confirmed step remains stricter verification by consumers before any transfer of funds or digital assets.
Source: news.bitcoin.com