Celebrity Investment Scam Costs Aussie Pensioner $320,000
Synopsis
A $320,000 loss suffered by an Australian pensioner highlights how scammers are exploiting celebrity names and online investment promises to target unsuspecting victims.
An Australian pensioner was defrauded of $320,000 in a celebrity investment scam, according to reports, as authorities warn that fraudsters are using fake endorsements, AI-powered videos and private social media groups to lure investors.
The case comes as Australian Securities and Investment Commission (ASIC) warns of an increase in pump-and-dump scam Australia activity, with scammers using fake economists, market analysts and financial institutions to target older Australians, who may have large amounts of cash savings as they near or enter retirement.
Fake celebrity endorsements drive investment pitches
In the latest ASIC deepfake scam warning, Australian authorities say that fraudsters are using social media to post investment advice under the guise of a well-known personality or company brand. Potential victims are then directed to WhatsApp or other messaging apps, where investors are persuaded to buy shares on the advice of scam actors.
ASIC says that other members of the WhatsApp group may falsely claim to have made profits from the recommended investment and encourage others to follow their example, with victims buying shares only for the price to then skyrocket.
In one case, the value of a share had risen to almost US$11 before falling to US$1, according to ASIC. Unlike many investment scams, victims of these fake tip-offs schemes can be left with legitimate shares bought through a genuine trading platform.
ASIC previously reported that more than 330 investment scam websites using celebrity endorsements had been taken down by August 2025, a 25 percent increase on the same period in 2024.
Investment scams cost Australians $837.7 million
The latest Targeting Scams Report 2025, published by the National Anti-Scam Centre in March 2026, shows that Australians reported losing a total of $2.18 billion to scams in 2025.
Investment scams were responsible for $837.7 million, the largest loss category. That compared with $945 million in investment scam losses, with scams accounting for the biggest category of reported losses for the fifth consecutive year in 2024.
ASIC says that its own takedown campaign has removed more than 14,000 investment scam and phishing websites and ads from social media between July 2023 and June 2025.
The regulator is also urging Australians to verify the credentials of any financial services provider and not to act on unsolicited social media investment advice.
Source: Yahoo Finance
Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
