ASIC is warning consumers who have joined ‘share trading’ or ‘stock tips’ messaging app groups that scammers are using these forums to push investments on fake crypto-asset trading platforms.

These fake platforms show profits and trades, but in fact, there is no real trading, and the site contains fake data. Any money deposited into these platforms goes straight to the scammers.

The fake platforms ask for fees to release assets or proceeds. These fees go straight to the scammers and no assets are released.

ASIC has previously warned about a rise in scammers using messaging apps such as WhatsApp to conduct widespread, coordinated pump and dump schemes targeting retail investors. These schemes are illegal.

How the scam works

• Scammers initially target victims through social media advertisements and posts claiming to offer trading tips on shares.
• Victims are invited to messaging apps claiming to share recommendations from well-known figures, who the scammers impersonate.
• Scammers recommend victims invest via a fake crypto asset trading platform that the scammers have set up. The screen may show profits and trades, but in fact, there is no real trading, and the platform contains fake data.
• When the victim tries to withdraw their assets, scammers ask for withdrawal fees, claiming it is necessary to unlock their investment.
• Victims are unable to recover their assets as the money ‘invested’ goes straight into the scammer’s bank account and not towards any real investment.
• Scammers are also using this tactic to target victims of pump and dump schemes, using money recovery scams to prey on people hoping to get their money back.

Young people being targeted

While anyone can be targeted for these scams, recent Moneysmart research found there is widespread exposure to crypto trading advertisements on social media. A survey of 1,127 Australians aged between 18 and 28 found that:

• 23% own crypto assets (e.g. cryptocurrencies, NFTs).
• Of these people, two-thirds (66%) have a short-term/speculative approach to managing their crypto investments.
• 29% said they conduct short-term trading based on social media influencers.
• Overall, 72% of Gen Z survey respondents said they have seen social media ads about crypto. 41% said they have even been contacted by someone about investing in crypto.

Registered virtual asset service businesses

Businesses providing virtual asset services, such as exchanging money for virtual assets (such as crypto), must be registered with AUSTRAC and comply with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) obligations.

AUSTRAC maintains the Virtual Asset Service Provider Register (VASPR) can be used to check whether a business is registered.

Protect yourself

STOP – Don’t give personal information or act on investment advice you have come across on social media, including in messaging app groups. Don’t feel pressured to invest. If you have any doubts, stop communicating with them.

CHECK – Ask yourself if you really know what you are investing in? Check the AUSTRAC VASPR to confirm if the entity is a registered virtual asset service provider. Do an internet search to see if there are warnings about the website or platform.

PROTECT – Act quickly if something feels wrong. If you have shared personal or financial information or transferred money, contact your bank immediately. Help others by reporting scams to Scamwatch.

Investor information

Before investing, Australians can make these simple practical checks to help reduce the risk of investment and fake crypto asset scams:

• go to ASIC’s Check before you invest page to see how you can check if the company or person is licensed or authorised to offer the investment.
• check ASIC’s investor alert list to help keep you informed about investments that could be fraudulent, a scam or unlicensed.
• Check AUSTRAC’s VASPR to confirm if the entity is a registered virtual asset service provider.

For more information about how to spot a crypto scam, visit ASIC’s Moneysmart website.

What to do if you think you’ve been scammed

If you think you may have been targeted by an investment scam or have experienced cybercrime and lost money online, contact your bank immediately.

Visit the Moneysmart What to do if you’ve been scammed page for tips on what steps to take and to protect yourself from follow up scams. The National Anti-Scam Centre has urged Australians who have had money stolen by scammers to be alert to recovery scams.

For crisis support to help with emotional distress about scams contact Lifeline on 13 11 14 or access support via the online chat. Beyond Blue also provides support for anxiety and depression 1300 22 4636 or chat online at Beyond Blue.

Help others by reporting to Scamwatch. Reports can be made anonymously.

Examples of fake investment advice

Example 1: Whatsapp scam message

Example 2: Whatsapp scam message

Example 3: Scam message

Example of fake trading platform

Example: Fake trading platform

Joe Longo

New research released ysterday by ASIC shows that Australia is well-placed to harness an ongoing surge of financial innovation.

The Innovation in Financial Technology and RegTech research, conducted by the Digital Finance Cooperative Research Centre (DFCRC) for ASIC, lays out how Fintech and Regtech innovations are evolving across the world.

It highlights that artificial intelligence is becoming embedded in everyday financial operations, including credit underwriting, claims processing, portfolio management and disclosure.

ASIC Chair Joe Longo said, ‘Australia has long been a laboratory for innovation, gifting the world groundbreaking technologies from wi-fi to the cochlear implant. The same spirit exists in our financial system.

‘For example, Australia is a global leader in some areas, including its “world-class” payments infrastructure, and pioneering ‘buy now pay later’ sector.’

Mr Longo said that as the pace of change accelerates, industry and regulators will need to work together to ensure that Australia not only keeps up but stays ahead.

‘ASIC has often said we want to identify opportunities to back innovation in Australia, and it is clear that innovation can significantly improve productivity in our financial system, boost Australia’s economy and lead to better consumer experiences,’ said Mr Longo.

‘As a regulator, ASIC’s role is to make sure that when innovation happens, it happens safely and responsibly, with the wellbeing of end consumers at the forefront of everyone’s minds. Good regulation is good for consumers – and good for business.’

‘That’s why ASIC will continue to prioritise simple, principles-based regulation through our regulatory simplification initiative. We will continue to engage with industry to strike the right balance between protecting consumers, bolstering market integrity and promoting innovation.’

Commissioning the research forms part of ASIC’s strategy to support responsible innovation in Australia’s financial system. It will inform ongoing industry engagement, including through the ASIC Digital Finance Advisory Panel (DFAP) and targeted roundtables.

Download

Innovation in Financial Technology and RegTech

Background

Innovation in Australia

In 2025, Australian startups raised more than $5 billion in venture capital (VC) funding, the third best year on record, and up by almost half since 2018, just behind France and Germany.

For every $1 billion of VC money invested since 2000, Australia has produced 1.22 unicorns which is a higher ratio than any other country and almost twice the number for the United States.^[1]

Innovation Hub

Since 2015, ASIC’s Innovation Hub has helped innovative FinTech and RegTech businesses navigate the Australian regulatory framework. It also provides a platform for domestic and international engagement on financial innovation and RegTech-related developments.

ASIC supports the goal of responsible innovation by:

• providing informal assistance to innovative businesses on their potential regulatory obligations and the licensing process
• administering the Enhanced Regulatory Sandbox (ERS; where the legislation provides a limited licensing exemption for eligible fintechs to test innovative business models), and
• driving information sharing and cooperation through our external Digital Finance Advisory Panel (DFAP), and other regular engagement with industry and peer regulators, both domestic and international.

In November 2025, ASIC Chair Joe Longo announced that ASIC would review and re-launch the ASIC Innovation Hub, with a focus on seeking out ways ASIC can support financial market innovations in Australia.

This review concluded in March 2026, where we identified several areas where it can improve and several areas where ASIC will take the lead on navigating the structural change that system-wide innovation brings, so that Australia’s markets are fit for the future.

The DFCRC published another report (The Economic Impact Potential of Digital Finance Innovation in Australia Report) in March 2026.

Project Acacia

Earlier this week the RBA and DFCRC released the final report of Project Acacia, Exploring the role of digital money in wholesale tokenised asset markets. ASIC was one of the participating agencies in the project and continues to work with the RBA and other agencies on some further work flowing from the report.

Regulatory Simplification

In May 2026, we published our Regulatory simplification progress report, demonstrating ASIC’s commitment to make regulation clearer, more accessible and easier to navigate.

In September 2025, we published our regulatory simplification report. The report sets out ASIC’s progress on initiatives and seeks a broad range of views on how we can more efficiently and effectively administer the law in the areas we regulate, how we can make it easier to interact with us, and how we can simplify guidance, legislative instruments and forms.

Opportunities to reduce red tape through law reform are also on the table. Our efforts to simplify regulation of the financial sector will deliver benefits for consumers, businesses and investors, while contributing to the Government’s productivity agenda.

———-

Notes:
[1] ‘Australia’s startup scene is thriving at last’ (16 April 2026) The Economist

Kate O’Rourke

ASIC has outlined key focus areas for its financial reporting, audit and sustainability reporting activities in the 2026-27 financial year, including updates to its surveillance programs.

‘Our surveillance programs reinforce the importance of high-quality reporting and audit. Reliable financial information is critical to transparency in Australia’s capital markets and informed investment decisions by investors,’ said ASIC Commissioner Kate O’Rourke.

Financial reporting focus areas

In keeping with ASIC’s enduring financial reporting focus areas, we will monitor areas where significant judgement from preparers of financial reports is required. This includes revenue recognition, assessment of asset impairment, recognition and measurement of financial instruments.

For 2026-27, ASIC will review the financial reports of listed and unlisted companies, registrable superannuation entities (RSEs) and managed investment schemes (MISs).

ASIC will also review the disclosures of companies that have provisions for decommissioning and site-restoration costs. This will include assessing disclosures against new guidance issued by the AASB (illustrative example D of AASB 137 Provisions, Contingent Liabilities and Contingent Assets).

Audit focus areas

For 2026-27, ASIC will review 25 audit files. While ASIC will maintain its focus on listed and unlisted companies and RSEs, it will also include a selection of MISs.

Like in 2025-26, ASIC will select audit files from a mix of sources:

• where there has been a material correction to a financial report or where ASIC is concerned that a financial report may be materially misstated,
• based on other internal or external data (including independence threats), which indicates a risk to audit quality, or
• from a random selection process.

In responding to ASIC’s audit findings, audit firms indicate the remedial actions they intend to take. In 2026-27, we will monitor and report on firms’ implementation of those actions.

Separately, ASIC is engaging with the six largest firms to understand the firm-wide actions taken in response to Report 817 Building trust: Auditors’ compliance with independence and conflict of interest obligations.

Compliance activities

ASIC will continue to focus on non-lodgement of financial reports by large proprietary companies.

ASIC will also review compliance by registered company auditors with their obligations to lodge their annual statements. These obligations are fundamental requirements that support audit quality and auditor competence.

Sustainability reporting and assurance focus areas

ASIC has taken a range of steps to support entities’ compliance with the sustainability reporting framework, including guidance, relief and new educational materials. These are on our sustainability reporting webpage.

ASIC has updated its FAQs relating to the review and audit of sustainability reports in response to changes in the law and to address stakeholder questions, and have also provided sustainability reporting relief to related schemes. We are continuing to update our register of relief decisions to include ASIC’s decisions on individual sustainability reporting relief applications. ASIC has also shared preliminary observations on lodged sustainability reports. These observations will assist 30 June reporters as they prepare to lodge their sustainability report for the first time.

The Government has announced in the Budget that it proposes to commence consultation on reforms to reduce reporting burden while maintaining core sustainability reporting requirements, and ASIC will participate in that consultation process. Ahead of any reforms, ASIC’s administration of the mandatory climate reporting framework will continue, with a focus on the sustainability reports being submitted by Group 1 entities, and engagement with large audit firms on assurance methodologies as appropriate.

Background

ASIC’s reporting surveillance programs aim to foster high-quality, consistent and comparable financial information to help investors make informed decisions, ultimately supporting the integrity of Australia’s capital markets.

The objectives of these surveillance programs are outlined on ASIC’s audit inspection and surveillance programs webpage. Financial reporting misconduct, including non-lodgement of financial reports, and auditor misconduct are enforcement priorities for ASIC.

ASIC’s enduring focus areas relevant to the 2026-27 financial year are outlined on the sustainability reporting, financial reporting and audit focus areas webpage.

In 2025, ASIC released:

• Report 816 ASIC’s review into the financial reporting and audit of superfunds (REP 816)
• Report 817 Building trust: Auditors’ compliance with independence and conflict of interest obligations (REP 817)
• Report 819 ASIC’s oversight of financial reporting and audit 2024-2025 (REP 819).

These reports summarise findings from ASIC’s surveillance programs and other complementary work for the period 1 July 2024 to 30 June 2025. They highlights areas where the quality of financial reporting and audits can be improved.

Alan Kirkland

ASIC is working alongside 16 global regulators as part of its crackdown on unlawful social media ‘finfluencers’, amid growing concern about the influence of financial information online, particularly among younger Australians.

Warning notices have been issued to four finfluencers suspected of providing unlicensed financial advice or engaging in misleading or deceptive conduct. ASIC has also commenced a review of several Australian Financial Services (AFS) licensees and their supervision of 15 finfluencers operating under their licences.

The action is intended to disrupt unlawful finfluencer online promotion before consumers suffer financial harm.

The warning notices to the four finfluencers relate to suspected provision of unlicensed financial advice, including promoting claims of guaranteed returns, which may also be misleading or deceptive.

ASIC’s action formed part of the second Global Week of Action Against Unlawful Finfluencers, involving 17 regulators globally, including ASIC, across Asia, Europe, North America, South America and the Middle East to disrupt unlawful online financial promotion and warn consumers about misinformation.

The continued crackdown reflects ASIC’s concern about the growing influence of social media on financial decision making.

Recent Moneysmart research shows that 63% of Gen Z Australians (aged 18–28) rely on social media for financial information, with more than half saying they somewhat or completely trust financial information on social media (56%) and from finfluencers (52%) (26-049MR).

ASIC Commissioner Alan Kirkland said, ‘Unlawful finfluencer activity doesn’t respect borders, which is why regulators are taking strong action together for a second year in a row.

‘What people see online is shaped by algorithms designed to drive clicks and engagement, rather than promoting accurate information. This means consumers are more exposed to biased or misleading content,’ Mr Kirkland said.

ASIC’s surveillance focused on finfluencers targeting Australian investors and discussing a range of financial products, including leveraged derivatives, shares and exchange-traded funds.

Commissioner Kirkland continued, ‘Finfluencers must either hold an AFS licence or operate as an authorised representative to legally provide financial product advice or arrange for their followers to deal in financial products.

‘When viewing financial content on social media, we urge Australians to check a creator’s credentials, and sense‑check the information before acting on it.

‘If someone on social media is promising easy money or guaranteed returns, there is a real risk they’re breaking the law, and you could be the one who loses money,’ Mr Kirkland said.

Consumers and investors can check whether a person or business is licensed or authorised using ASIC’s professional registers search tool.

ASIC reminds licensees of their obligations

For the first time since issuing Information Sheet 269 Discussing financial products and services online (INFO 269) in 2022, ASIC is reminding licensees about their supervisory obligations when engaging finfluencers.

Under these arrangements, unlicensed finfluencers may operate as authorised representatives of AFS licensees, however responsibility for supervising finfluencer conduct and the liability for any breaches remains with the licensee.

As part of this, ASIC has contacted and met with three AFS licensees to review their supervision of 15 finfluencers operating as authorised representatives and reminding them of their legal supervisory obligations.

ASIC expects licensees that authorise finfluencers to have adequate, documented arrangements in place to actively supervise their conduct, and to maintain records of that supervision.

‘Licensees remain responsible and liable for what their representatives say and do online,’ Mr Kirkland said.

‘We expect active supervision, not a set‑and‑forget approach.’

ASIC will continue monitoring social media activity and may take enforcement action where finfluencer conduct or licensee failures place Australian consumers at risk.

Australians should always check whether a person or business is licensed or authorised before acting on financial advice they see online.

‘If a social media influencer isn’t licensed or authorised, they cannot offer financial advice in Australia and could face up to five years’ imprisonment or million-dollar fines,’ Mr Kirkland said.

Moneysmart provides free, independent information to help consumers make informed decisions.

Suspected unlicensed finfluencer activity can be reported to ASIC via the Reporting misconduct to ASIC webpage, or by calling 1300 300 630, so that ASIC can consider appropriate regulatory action.

Downloads

• Template letter to suspected unlawful finfluencers (PDF 253 KB)
• Template letter to AFS licensees (PDF 248 KB)
• Graphic: Finfluencer red flags (PNG 1.6 MB) 

Background

Financial services laws protect investors and promote market integrity. They set minimum requirements and provide important protections for investors if something goes wrong.

ASIC monitors select online financial discussion by influencers who feature or promote financial products for any misleading or deceptive representations or unlicensed financial services.

In March 2026, ASIC urges Gen Z to ‘sense-check’ money advice as social media fuels riskier financial decisions (26-049MR).

ASIC has previously taken action against licensees who have failed to maintain their licensing supervisory arrangements.

• In February 2026, ASIC cancelled the AFS licence of Pulse Markets Pty Ltd for, amongst other things, failing to take reasonable steps to ensure its representatives comply with financial services laws (26-027MR).
• In December 2024, Sanlam Private Wealth Pty Ltd accepted a Court Enforceable Undertaking following an ASIC investigation for failing to supervise its 113 representatives (24-290MR).

ASIC issued Information Sheet 269: Discussing financial products and services online (INFO 269) in March 2022, outlining how the financial services laws apply to social media influencers and the obligations of AFS licensees that engage them.

In addition to ASIC, the 16 regulators involved in the Global Week of Action Against Unlawful Finfluencers included:

• Belgium, Financial Services and Markets Authority
• Brazil, Comissão de Valores Mobiliários
• Canada, British Columbia, British Columbia Securities Commission
• Canada, Ontario, Ontario Securities Commission
• Canada, Quebec, Autorité des marchés financiers
• Denmark, Financial Supervisory Authority
• Hong Kong, Securities and Futures Commission
• India, Securities & Exchange Board of India
• Ireland, Central Bank of Ireland
• New Zealand, Financial Markets Authority
• Norway, Finanstilsynet
• Qatar, Qatar Financial Markets Authority
• Qatar, Qatar Financial Centre Regulatory Authority
• Singapore, Monetary Authority of Singapore
• United Arab Emirates, Capital & Markets Authority
• United Kingdom, Financial Conduct Authority

Following ASIC’s 2025 action against 18 suspected unlawful finfluencers (news item):

• several became authorised representatives
• others amended their content or ceased targeting Australian consumers, and
• offshore operators remain under scrutiny.

ASIC has launched a new range of free and independent tools and resources on the widely trusted Moneysmart website to help Australians to plan for their retirement.

This comes in response to national research showing that around half of Australians approaching retirement worry they could run out of money, yet many want to learn more to build confidence about their future.

With around 2.5 million Australians expected to retire over the next decade, ASIC has made it a priority to understand their needs and provide tools and resources to help them to make good and confident decisions.

The national research shows that:

• 48% of Australians (aged 50 to 66) are worried they will run out of money in retirement
• nearly a third (32%) feel they are already behind in preparing for retirement
• only 18% have a clear retirement plan in place.

In response, ASIC has developed a consumer awareness campaign which directs Australians to the new Moneysmart Retirement Hub where they will find practical tools, calculators and guidance to support their retirement planning.

A key feature of the Hub is the Retirement Planner which allows Australians to:

• see how much income they could have in retirement from their superannuation, the Age Pension and other income sources
• understand whether they may be on track for the retirement they want
• explore how different scenarios could affect their income over time.

The planning tool brings together key sources of retirement income in one place, including superannuation, to help Australians answer the key questions many are asking, such as: Will I have enough money? Am I on the right track? and What can I do next?

The Retirement Hub also provides a range of other tools and resources including calculators to understand superannuation balances, Age Pension eligibility and retirement income options.

Moneysmart helps make retirement planning make sense

The need for clearer retirement guidance is supported by the research, which found:

• only 26% of pre-retirees demonstrate a strong understanding of retirement finances, despite 41% saying they feel confident they can manage their finances in retirement
• 46% report low financial literacy and low confidence managing retirement finances
• 58% of pre-retirees report they want to learn more about superannuation and retirement.

ASIC Commissioner Alan Kirkland said many Australians feel confused and overwhelmed by the complexity of retirement planning.

‘It’s natural to feel uncertain about retirement but without a clear plan in place and that uncertainty can quickly turn into anxiety about whether you will have enough money,’ Commissioner Kirkland said.

‘The new resources on Moneysmart can help people move from worry to clarity – through simple, trusted tools and information to help them understand how they are tracking and plan for their future with greater confidence,’ he said.

Paul, a 61-year-old recent retiree from Sydney, began looking into his retirement options in his early 50s.

He started to self-educate through various online tools as well as keeping an eye on reports that showed how much is needed to comfortably retire, comparing this to his own needs and circumstances.

‘I wasn’t sure where to start but using many free tools and resources, including Moneysmart, helped me understand my options and feel confident about engaging more with a financial adviser and planning my retirement,’ Paul said.

‘I’ve been retired now for 18 months and while I now spend my time doing the things I enjoy, I do continue to keep an eye on our expenses and try to forecast spending for the coming years, so I can accurately budget.’

Australians can access Moneysmart’s retirement tools and resources at moneysmart.gov.au/retirement.

Background

ASIC’s Moneysmart program helps Australian consumers and investors by providing free and independent financial information and tools. Over 11 million Australians visit the Moneysmart website each year. Moneysmart is recognised as one of Australia’s leading trusted sources of independent information for consumers and investors.

Research methodology

ASIC commissioned research to survey 2,065 Australians aged 45–75 to understand the retirement planning and readiness gap. The survey was carried out online.

The findings have been weighted by age, gender, and location, and the sample is representative of the Australian population aged 45-75.

Download

• Key research findings (PDF 392KB)

Alan Kirkland

Australians now have unprecedented access to consumer complaints data following the launch of ASIC’s new interactive dashboard.

The Internal Dispute Resolution (IDR) data dashboard enables users to compare the complaints reported by individual financial firms for the first time, including their handling of complaints associated with specific products like home loans, credit cards, life and general insurance, or financial advice.

ASIC Commissioner Alan Kirkland said the data dashboard would enhance transparency by providing valuable insights into complaints volumes and trends, giving greater visibility of consumer concerns and potential harm across the financial services industry.

‘Transparency is crucial to supporting a fair, strong, and efficient financial system. The launch of our new internal dispute resolution data dashboard marks a significant step in improving public scrutiny of the system,’ he said.

Other key features of the dashboard include:

• an overview of complaints volumes and trends over specified reporting periods
• categorised breakdowns of complaints by issue and complaint outcome
• complaints resolution times for individual financial firms, and
• information about monetary remedies paid.

Commissioner Kirkland added that in addition to empowering consumers, the public-facing dashboard promotes greater accountability within the financial services industry and provides ASIC with a valuable data set to inform regulatory decision making.

‘Beyond providing for a comparison between individual firms, this dashboard provides a bird’s-eye view of how the Australian financial sector handles complaints,’ said Mr Kirkland.

‘This makes it easier to identify key trends, including the reasons complaints are lodged, increases or decreases in complaints handling times, and the sorts of products that attract the most complaints. This in turn allows us to flag emerging issues for industry attention before they become serious problems.’

The dashboard also includes important information for users about how to navigate the new dashboard, how to interpret the data, definitions of key terms, and an explanation of the methodology.

This IDR data publication aligns with the Australian Financial Complaints Authority’s reporting of external dispute resolution (data to provide a complete picture of the financial dispute resolution framework.

In October, ASIC also launched its Reportable Situations dashboard, which contains granular information about financial services and credit licensees’ self-reported breaches.

Interactive dashboard

Internal Dispute Resolution data dashboard

Additional information

• ASIC outlines approach to breach and complaints data publications
• 25-054MR ASIC consults on plan to increase visibility of firms’ breach and complaints data
• Reportable situations insights
• 24-264MR ASIC flags key observations from inaugural IDR data publication
• How to complain

Background

The IDR regime requires certain financial firms to report all complaints received through their IDR processes. ASIC is empowered to publish firm level information about complaints received.

In previous years, ASIC published thematic reports on IDR but has since foreshadowed the intention to publish more granular data following consultation.

ASIC consulted on its proposed approach over April and May 2025, before publishing a summary of feedback in September 2025 outlining its final approach to the IDR data publication.

The publication approach was determined following consideration of 47 submissions received in response to CP 383 Reportable situations and internal dispute resolution data publication (CP 383).