Deepfake Scams Target Australians Using AI Technology

• •Australians lost $7.4 million to deepfake investment scams involving public figures.
• •Scammers are using AI technology to create convincing deepfake videos for fraud.
• •ASIC reported a 182% increase in scam cases over the past year.

Scammers in Australia are increasingly using AI-generated deepfake videos of celebrities and politicians, particularly Prime Minister Anthony Albanese, to promote fraudulent investment schemes. The Australian Securities and Investments Commission (ASIC) reported that Australians lost $7.4 million to these scams involving deepfakes of ten frequently impersonated public figures. The scams typically involve fake investment platforms that lure victims with promises of high returns, using manipulated videos to create a false sense of legitimacy. In the last financial year, ASIC dealt with over 19,400 scam cases, a significant increase from previous years. The deepfake videos often feature real footage combined with fake audio, misleading viewers into believing they are legitimate investment opportunities. The rise in these scams is attributed to the growing sophistication of AI technology, making it easier for scammers to create convincing content. ASIC has removed thousands of phishing links and fake investment platforms in response to this surge in fraudulent activity.