The Australian Securities and Investments Commission (ASIC) says it is removing record numbers of harmful phishing and investment scam websites and has warned Australians that AI is “supercharging” online scam threats.

The independent regulator said that in 2025 it took down 11,964 phishing and investment scam websites, an increase of 90 per cent compared to the previous year, when 6,270 were removed.

ASIC added that it also took down more than 1,100 online investment scam advertisements on social media in 2025.

ASIC has removed more than 25,000 investment scam and phishing websites since launching its takedown service in 2023.

Australians lost AUD2.18 billion (£1.14 billion) to scams in 2025, with investment scams alone costing AUD837.7 million (£438.95 million), according to a report by The National Anti‑Scam Centre.

Scammers are increasingly using AI in social media ads to trick people into providing their personal details. The regulator warned that these scams exploit increasing interest in AI to create misleading and unrealistic claims about the opportunity to make money quickly and easily.

ASIC’s commissioner Alan Kirkland said scammers sometimes hide content that is against the terms of service of social media platforms. This is done by using “cloaking” to display different content depending on the consumers’ device or location.

“Scammers are using artificial intelligence to make fake investment ads look more polished, more convincing and harder to spot,” he added. “We’re seeing AI being used to create professional videos, fake endorsements and targeted ads designed to lure people into handing over their details.”

Fraudsters often claim to leverage AI technology to make money with minimal effort and easy returns, Kirkland said, using misleading statements and high-pressure sales tactics to try and part victims from their money.

ASIC refers suspicious investment scam websites to a third party specialising in cybercrime detection and disruption. This company also proactively detects investment scam websites and investment scam ads on social media that direct consumers to scam websites, ASIC added.

Once evidence of malicious activity is confirmed, ASIC begins the takedown process, which includes identifying relevant parties who can help to take the attack offline.

The regulator aims to respond quickly, as some of these ads appear in social media feeds for only short periods before they are taken down and reposted under a different appearance.

ASIC added it is actively involved in international cooperation with international regulators to build international capability and contribute towards a global response to a global issue.

---