Prime Minister Anthony Albanese, economist Tom Piotrowski, billionaire mining magnate Gina Rinehart, and the late broadcaster John Laws might seem to have little in common. However, they all share one unfortunate distinction: they are among the most impersonated high-profile figures in Australia. According to the Australian Securities and Investments Commission (ASIC), these individuals and several others have been used as digital puppets in a wave of AI-generated deepfake investment scams that collectively defrauded Australian victims of approximately $7.4 million during the 2026 financial year.
ASIC issued a stark warning about the sharp rise in online investment scams employing hyper-realistic deepfake videos and audio. The corporate regulator revealed it removed more than 19,000 online scams—including fake websites, social media advertisements, and bogus cryptocurrency investment platforms—in the 2026 financial year. That figure is almost triple the number removed in the previous 12 months, highlighting the escalating threat posed by generative AI technology.
Most impersonated figures
ASIC identified the following as the most impersonated Australian public figures in FY2026: Anthony Albanese, Tom Piotrowski, Alan Kohler, Stephen Koukoulas, Jacqui Lambie, Angus Taylor, Dick Smith, Gina Rinehart, Alan Oster, Pauline Hanson, and John Laws. The list includes current and former politicians, financial commentators, business leaders, and a beloved radio personality, demonstrating the broad net cast by cybercriminals.
The scams typically involve manipulated footage of well-known figures, often layered with fabricated audio to create convincing endorsements of sham investment schemes. In one instance, video of Prime Minister Albanese was overlaid with fake audio encouraging viewers to take part in a program promising a 'guaranteed $50,000 income in the first month.' Other variants have featured deepfakes of Gina Rinehart and Pauline Hanson in similarly fabricated presentations. Some scams even combine deepfakes with spoofed websites that mimic legitimate financial institutions, further increasing the illusion of authenticity. The goal is to exploit the target's trust in a familiar face to extract money or personal information.
Generative artificial intelligence has revolutionised the way scammers operate. It now enables the creation of vast networks of deepfake websites and endorsements, all designed to lure victims into believing they are dealing with legitimate investment firms. ASIC Chair Sarah Court noted that the presence of polished content, familiar branding, or convincing testimonials no longer offers any assurance of legitimacy. 'AI is making investment scams more convincing and harder to detect,' she said. 'A simple online search is not enough to verify whether an opportunity is legitimate.'
This is not the first time Australian public figures have expressed alarm over such practices. In 2023, mining magnate Gina Rinehart and businessman Dick Smith sent a direct letter to Meta CEO Mark Zuckerberg, voicing their 'deep concern' over the persistent issue of scam advertisements and fraudulent content on Facebook and Instagram despite these platforms' user agreements prohibiting fraudulent activities. Their letter called for stronger action against the flood of deceptive ads using their names and images. At the time, both had been frequently targeted by scammers, and their concerns have since proven justified.
Experts have observed that deepfake-based investment scams are not static. Rather, fraudsters constantly adapt their tactics, using the news cycle to identify which celebrities are most likely to capture public attention. This might involve impersonating a politician during a major policy debate, a business magnate during an economic downturn, or a popular financial commentator during a period of market volatility. By timing their campaigns to match topical issues, scammers increase the likelihood that their fabricated content will be seen and believed.
The rapid advancement of deepfake technology has made it increasingly difficult for even trained eyes to spot manipulated content. Voice cloning, for instance, can replicate a person's tone, accent, and speech patterns with unsettling accuracy. Visual synchronisation ensures that lip movements match the fabricated audio, creating a seamless illusion. This level of sophistication means that traditional cues—such as pixelation or distorted
Source: MSN News