Investment Scams Have Cost Australians Almost $96 Million This Year

Cybercriminals have cost Australians $186.9 million so far in 2026 according to Scamwatch data, and investment fraud makes up more than half of that figure on its own. While total reported scam activity is down slightly from 2025, the tactics behind investment fraud specifically have gotten harder to recognize, not easier — increasingly built around crypto platforms, AI-generated "proof" of returns, and social-media advertising that looks like legitimate financial content.

What Australia's investment scams typically look like now

• Social media ads featuring fake celebrity endorsements — AI-generated video or voice clips of recognizable public figures "recommending" a trading platform.
• Crypto-specific pitches promising high, consistent returns through a platform that isn't licensed by ASIC (the Australian Securities and Investments Commission).
• A convincing-looking dashboard showing account growth that's entirely fabricated, encouraging larger deposits before any withdrawal is attempted.
• A withdrawal-fee or tax demand once a victim tries to cash out — the same mechanism used across most fake-platform investment scams worldwide.

Why the numbers are staying high despite awareness campaigns

Scams Awareness Week and ongoing ACCC/Scamwatch public messaging have genuinely raised general awareness, but investment fraud specifically has adapted faster than public recognition has caught up — the AI-generated "proof" layer (fake celebrity clips, doctored account screenshots) is new enough that older mental checklists for spotting scams don't always catch it.

How to verify before you invest

• Check whether the platform or advisor is licensed by ASIC using its official register — moneysmart.gov.au is the government's consumer resource for this.
• A celebrity "endorsement" seen only in an ad, never confirmed on the celebrity's own official channel, should be treated as fabricated by default.
• Guaranteed or unusually consistent high returns are themselves the warning sign, regardless of how the platform is presented.
• Any request for a fee before a withdrawal can proceed is a stop signal, not a normal part of any legitimate process.

If you've lost money to an investment scam

Report it to Scamwatch — also worth knowing about the scams currently exploiting Australia's new age-ban law — and to IDCARE, Australia's national identity and cyber support service, which can help with both the financial and identity-exposure side of recovery. Contact your bank immediately if funds may still be recoverable.

FAQs

How can I check if an investment platform is legitimate in Australia?

Check ASIC's official register via moneysmart.gov.au before depositing anything. A platform with no verifiable ASIC licensing, reached only through a social media ad, should not be trusted regardless of how professional it looks.

Are celebrity endorsements for trading platforms ever real?

Rarely, and increasingly fabricated using AI-generated video or voice clips. Treat any endorsement seen only in an ad — never confirmed on the celebrity's own verified channel — as fake by default.

What's the difference between Scamwatch and IDCARE?

Scamwatch (run by the ACCC) is where scams are reported nationally. IDCARE is Australia's national identity and cyber support service, which helps specifically with the identity-exposure and recovery side once a scam has happened.

Curious what's already out there? Scan My Shadow checks a phone number and email across 1,500+ sources and sends a clear report — no guesswork, just facts. Start your scan.

Related Reading

• Scammers Are Exploiting Australia's New Social Media Age Ban — a currently active, unrelated scam trend worth knowing.
• Australia: The Scamwatch and IDCARE Recovery Process — the full official recovery steps.
• Crypto Scam Recovery: Realistic Expectations — relevant if crypto was involved specifically.
• Already Got Scammed? International Recovery Guide — the general international recovery playbook.