Australian regulators flag AI advice and online scams as growing threats to consumers

ASIC Commissioner Alan Kirkland told a Senate estimates hearing that Australians, especially younger investors, are increasingly turning to artificial intelligence tools and social‑media influencers for financial guidance. He warned that while AI can explain basic concepts, it is not reliable for investment advice and that unlicensed “finfluencers” may be breaching the law. ASIC has stepped up its social‑media outreach and taken two waves of enforcement action against such influencers, coordinating with regulators in other jurisdictions.

The National Anti‑Scam Centre reported that Australians lost $38.3 million to online scams in the first quarter of 2026, with half of all reported losses stemming from online contact methods such as fake websites, social‑media scams and malicious apps. Regulators dismantled 5,834 scam sites, referred hundreds of dubious ads to platforms like Meta and Google, and warned consumers to verify any online offers before providing personal or financial information.