Deepfake Anthony Albanese used in celebrity scams duping Australians out of $7.4m, Asic warns

The Australian Corporate Watchdog, ASIC, has issued a warning about a significant increase in scams involving deepfake technology, which involves using AI to create fake audio and video of real people. The prime minister, Anthony Albanese, is the most commonly used figure in these deepfakes to promote fraudulent investment opportunities.

In one instance, a video showed Albanese promising Australians could earn substantial returns by investing a small amount, presenting the scheme as an "official platform" with government backing.

The Australian Securities and Investment Commission (ASIC) handled over 19,400 scams in the previous financial year, nearly triple the number from the year before. Scammers are now leveraging AI to create convincing deepfakes of celebrities and politicians, which are then used to deceive victims into sending money to overseas criminals. These scams often combine fake celebrities, websites, reviews, news articles, and videos to create a convincing narrative that convinces victims to part with their money.

According to reports to the National Anti-Scam Centre's Scamwatch, Australians lost $7.4 million to scams involving the top 10 impersonated public figures, with Albanese leading the list. One video featured a deepfake of Albanese promising high returns, complete with an American accent and fabricated statements. Other scammers have impersonated figures like Tom Piotrowski, Stephen Koukoulas, Alan Kohler, Jacqui Lambie, Angus Taylor, Dick Smith, Gina Rinehart, Alan Oster, Pauline Hanson, and the late John Laws.

ASIC warns that the presence of polished content, familiar branding, or convincing testimonials does not guarantee the legitimacy of an investment. Consumers are advised to independently verify website addresses, check the legitimacy of people and companies, and exercise caution when faced with urgent calls to action. Scamwatch advises consumers to refrain from sharing money or personal information, independently verify details, and report any scams to ASIC, their bank, or cyber.gov.au.

ASIC also recommends checking for a certified Australian financial services licence and being aware that scammers may misuse such licences.

Despite many Australians feeling confident in their ability to spot AI scams, research suggests that they fail to do so less than half the time. Deepfakes are also being increasingly employed in political contexts, prompting calls for stricter regulations on deceptive political advertising.