Deepfake Crypto Scams Are Now Australia's Fastest-Growing Investment Threat
A polished video of a familiar face — a beloved actor, a TV host, even the Prime Minister — promises an "AI trading platform" that turns a few hundred dollars into a fortune. It looks real. It sounds real. It is not. Deepfake crypto scams are now one of the most effective tools criminals use to defraud Australians, and the technology behind them has become frighteningly convincing.
Australians reported a staggering $2.18 billion in scam losses in 2025, according to the National Anti-Scam Centre, with investment fraud among the highest-loss categories. AI-generated celebrity endorsements are pouring fuel on that fire — and most people still cannot tell the difference.
How Deepfake Crypto Scams Work
These scams follow a deliberate, repeatable playbook. Criminals clone a trusted person's face and voice using AI, then wrap that clone in a fake news story to make it look legitimate.
The typical sequence looks like this:
The platforms claim to use "artificial intelligence" or "quantum computing" to generate returns. In reality there is no trading at all. The numbers on your screen are fabricated, and every dollar you send goes straight to the scammer.
The technology is getting cheaper and better
What once required a film studio now takes minutes with off-the-shelf AI tools. That is why the same scam can feature dozens of different celebrities, languages and "platforms" — and why takedowns by regulators and platforms struggle to keep pace.
Which Australian Celebrities Are Being Cloned
Cybersecurity firm McAfee named actress Rebel Wilson the most misused Australian celebrity in deepfake scams. Her likeness is regularly cloned to push fake products and investment schemes.
Other well-known Australians whose images have been hijacked for fake crypto investment promotions include:
Tech billionaire Elon Musk remains a global favourite for crypto scam deepfakes. One Australian man lost $80,000 after watching a fake Musk "interview" and registering through the linked form.
The Real Cost to Australians
The scale of the problem is no longer abstract. Research and regulator data paint a clear picture:
Investment scams promoted through fake trading platforms cost Australians millions more on top of these figures — and because victims are often too embarrassed to report, the true total is almost certainly higher.
Warning Signs of a Deepfake Crypto Scam
Deepfakes are improving, but they still leak tell-tale signs. Treat any of the following as a red flag:
How To Protect Yourself
You do not need to be a tech expert to avoid a deepfake crypto scam. Follow these steps before you ever send money:
What To Do If You've Already Been Targeted
If you have sent money or details, act quickly:
Deepfake crypto scams work because they hijack trust. The single most powerful defence is a simple habit: assume any celebrity-fronted crypto offer is fake until you have independently proven otherwise.
