TL;DR: On April 24, 2026, ASIC said it is part of the second Global Week of Action Against Unlawful Finfluencers with 17 regulators across several continents. It sent warning notices to four finfluencers suspected of unlicensed financial advice and began a review of three AFS licensees that supervise 15 finfluencers. In 2025 ASIC took action against 18 suspected unlawful finfluencers.
What happened
ASIC release 26-081MR says surveillance covered finfluencers targeting Australian investors and discussing leveraged derivatives, shares and ETFs. Unlicensed people giving financial advice in Australia face up to five years’ imprisonment or million-dollar fines.
Per Moneysmart research, 63% of Gen Z Australians (aged 18 to 28) rely on social media for financial information, 56% trust it, and 52% trust finfluencers. This is ASIC’s first reminder to licensees about supervision since Information Sheet 269 (2022); licensees remain liable for their representatives’ online conduct.
Why it works
Followers treat a familiar creator as a friend, so promises of easy money land differently from an advert. Claims of guaranteed returns may also be misleading.
This is a regulation story rather than a single scam, but the same unlicensed advice is how many investment scams begin.
Background: our explainers on deepfake scams and investment and trading app scam recovery. See also ASIC: AI Deepfake Scam Webs Drive 19,400 Takedowns in FY26 and ASIC Removed 11,964 Scam Websites in 2025, Up 90%.
What ASIC advises
- Check whether a finfluencer holds an AFS licence or is an authorised representative, using ASIC’s professional registers search.
- Review a creator’s credentials and verify information before acting on it.
- Treat promises of easy money or guaranteed returns as a serious warning sign.
- Report suspected unlicensed activity to ASIC online or on 1300 300 630, and use Moneysmart for free, independent guidance.
If you have already sent money
Contact your bank immediately, report the scam to Scamwatch and through ReportCyber, and call IDCARE on 1800 595 160 if your identity may be at risk. Our guides on the Scamwatch and IDCARE recovery process, Australian bank impersonation scams and how to reverse a wire transfer scam explain the steps, and what to do after a scam, wherever you live covers the first 24 hours. Scammers often start with details taken from past leaks, so run our free digital footprint check to see what of yours is already exposed.
Frequently Asked Questions
How many regulators took part?
17 regulators across several continents joined the second Global Week of Action Against Unlawful Finfluencers.
What action did ASIC take?
It sent warning notices to four finfluencers suspected of unlicensed financial advice and began reviewing three AFS licensees that supervise 15 finfluencers.
How many young Australians trust finfluencers?
Moneysmart research finds 52% of Gen Z Australians trust finfluencers, and 63% rely on social media for financial information.
How do I check a finfluencer?
Check whether they hold an AFS licence or are an authorised representative using ASIC’s professional registers search.
Sources
- ASIC: 26-081MR, ASIC continues finfluencer crackdown alongside global regulators (Apr 24, 2026)
- Scamwatch (ACCC)
Related Reading
- ASIC: AI Deepfake Scam Webs Drive 19,400 Takedowns in FY26
- ASIC Removed 11,964 Scam Websites in 2025, Up 90%
- FCA Week of Action: 1,267 Illegal Finfluencer Adverts Found
- Australia Scam News: October 2026 Roundup and Warnings
- Average Loss per Victim by Scam Type (2025)
- What to do after a scam, wherever you live