Australians are being targeted by a surge of fraudulent investment ads and websites featuring fake endorsements from high-profile figures, prompting the corporate regulator to expand its online takedown program.
The Australian Securities and Investments Commission (ASIC) says it has shut down more than 330 investment scam websites featuring celebrity images so far this year — a 25% rise on the same period in 2024. Personalities falsely used to lend credibility to the schemes include Andrew “Twiggy” Forrest, Gina Rinehart and Anthony Pratt.
ASIC says scammers are leaning on “social proof” to sell get‑rich‑quick pitches, with activity particularly intense around July as the new financial year spurred consumer interest in money matters.
‘These scam websites try to trick consumers into thinking they can make big returns and use unauthorised celebrity images to give credibility,’ said ASIC Commissioner Alan Kirkland.
‘Whenever you see a website, social media post or message offering an investment that claims to deliver outsized or guaranteed financial returns, always remember to stop, check and protect.’
The regulator is urging people to verify whether a celebrity is genuinely involved, confirm that any URL belongs to a legitimate news outlet, and check whether the provider is licensed by ASIC or appears on Moneysmart’s Investor Alert List. Suspicious activity should be reported, and consumers should familiarise themselves with steps to take if something goes wrong.
Losses to investment scams totalled $945 million in 2024, according to the National Anti‑Scam Centre, making them the largest source of financial harm. ASIC says the rise of artificial intelligence is helping scammers scale up, with its takedown work in the past six months revealing trends including fake trading platforms, cloned and professionally designed websites, fabricated news articles and so‑called “AI trading bot” products promising impossible returns.
With many schemes seeded via online advertising, ASIC has now extended its takedown service to social media ads as well as the websites they promote. ‘Many scams start with an ad on social media that lures people to a fake investment website. By expanding our takedown service to cover social media ads, we’re protecting people one step earlier in the process,’ Mr Kirkland said. He said the Stop. Check. Protect framework can also help people identify other high‑risk or unsuitable financial products.
The regulator has also warned Australians to be on guard against aggressive sales tactics pushing quick superannuation switches. It says these pitches often begin with comparison sites or unsolicited “health checks” that harvest personal data, and may include referrals to financial advisers to bolster credibility — even when the product is inappropriate. Telltale signs include high‑pressure calls, clickbait offers for free super reviews and promises of high or unrealistic returns.
‘Just like scams, these super switching schemes often start with an ad on social media offering a free super ‘health check’ or help to find lost super,’ Mr Kirkland said. ‘The salespeople who follow up on these ads can be very persuasive but it’s important to remember that moving your super is a big decision that should not be made lightly. Hang up if you feel unsure or pressured. It can feel awkward to say no but keeping Stop. Check. Protect in mind can help keep your super safe.’
ASIC’s Enforcement and Regulatory Update shows more than 14,000 investment scam and phishing websites have been removed since the program began two years ago. The watchdog is currently coordinating the takedown of about 130 malicious sites each week, with fake investment platforms, phishing operations and crypto scams making up most removals.
