Australian authorities have issued a fresh warning after a wave of deepfake videos falsely using the likenesses of financial commentator Scott Pape, known as the Barefoot Investor, and mining magnate Andrew "Twiggy" Forrest to promote bogus investment schemes. The AI-manipulated clips are designed to lend fraudulent products credibility by making it appear that these well-known and trusted public figures are personally endorsing them, putting everyday Australians, particularly those managing retirement savings, at risk of financial loss.

Neither Pape nor Forrest is connected to the schemes being advertised, and both have had their images and voices used without consent as part of a broader trend of scammers exploiting generative AI to create convincing fake endorsements. Regulators are urging the public to be sceptical of investment advertisements circulating on social media that feature celebrities or well-known financial figures, and to verify any such offers through official channels before committing money.