Scammers use AI fake endorsements to steal $2.7 million from Australians
Sixteen Australians lost $2.7 million in two weeks to sophisticated "pump and dump" scams using AI-generated fake endorsements from financial experts, ASIC warns. Scammers impersonate prominent figures on social media and messaging apps to lure victims into investment groups. The regulator says AI is "supercharging" these schemes, which artificially inflate real stock prices before fraudsters sell their holdings.
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Published 17 Jul 2026, 01:35 UTC · Updated 17 Jul 2026, 01:40 UTC
Summary by OZbrief Editorial. Original report: SBS News – Australia. Editorial policy · Corrections
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