Consumers are being bombarded by investment scam ads and investment scam websites using the images of well-known Australian identities, prompting regulator ASIC to ramp up its takedown capability.
So far in 2025, more than 330 investment scam websites that use celebrity images to trick Australians into parting with their savings have been shut down by ASIC - a 25 percent increase compared to the same period last year.
Well-known personalities whose images have appeared on fake websites include billionaires Andrew 'Twiggy' Forrest, Gina Rinehart and Anthony Pratt.
Celebrity images used to promote get-rich-quick scams
Scammers are increasingly exploiting the concept of 'social proof' by deliberately misusing images of trusted public figures to promote investment schemes that are, in fact, scams.
The takedown capability was especially active in July, when scammers potentially sought to take advantage of consumer interest in finance with the start of the new financial year.
Stop, Check, Protect: ASIC's message to consumers
'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.'
- Stop and ask whether the celebrity is really involved - many celebrities have publicly stated that they're being impersonated by these scams and that they're not involved.
- Check if the URL belongs to a legitimate news provider and whether any associated financial services provider is licensed by ASIC or listed on the Moneysmart Investor Alert List.
- Protect yourself by reporting suspicious activity and knowing what to do if something goes wrong.
Scammers scale up using AI and fake digital platforms
According to the National Anti-Scam Centre, Australians lost $945 million to investment scams in 2024, making it the leading cause of financial loss.
The rise of artificial intelligence has enabled scammers to rapidly expand at scale. In the last six months ASIC has observed the following trends through its website takedown work:
- fake trading platforms
- cloned websites and professional-looking templates
- fake news articles promoting fraudulent schemes
- 'AI trading bot' products promising unachievable returns.
Takedown services extended to social media advertising
With scams increasingly spreading via digital ads, ASIC has extended its takedown capabilities to include investment scam advertising on social media.
'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 added that the Stop. Check. Protect framework is not only useful for avoiding scams, but also for spotting other high-risk or unsuitable financial products.
Red flags around superannuation switches
The warning comes as ASIC recently urged consumers to be on 'red alert' for other unscrupulous actors targeting their super.
These tactics often start with super comparison websites or unsolicited super 'health checks' that harvest personal information. Some calls may include referrals to financial advisers to increase credibility, even if the product being sold is not appropriate.
They often feature:
- high-pressure sales tactics
- clickbait advertising for free super 'health checks'
- 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.'
Background on ASIC's takedown operations
ASIC's latest Enforcement and Regulatory Update revealed that more than 14,000 investment scam and phishing websites have been taken down since the program launched two years ago.
The regulator is currently coordinating the removal of an average of 130 malicious websites every week, with fake investment platforms, phishing sites and crypto scams making up the bulk of takedowns.
For more information, visit Moneysmart.gov.au.
Examples of fake celebrity finance endorsements
Example 1: Anthony Pratt
Example 2: Gina Rinehart
Example 3: Andrew Forrest
