What’s happening
Scammers are promoting fake crypto asset trading platforms to people who have joined ‘share trading’ or ‘stock tips’ messaging app groups. These platforms look real and 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 to the scammers.
The platforms then ask for fees to release assets. These fees also go straight to the scammers and no assets are released.
Scammers initially target victims through social media advertisements and posts claiming to offer trading tips on equities. Victims are then invited to messaging apps promising to share recommendations from well-known figures or experts, who the scammers impersonate.
Who’s at risk
Anyone can be targeted, even if you’re experienced with investing.
You may be at greater risk if you’ve joined investment or stock tips groups, follow self-proclaimed trading ‘gurus’ online, or are looking for quick returns.
What this might look like
Warning signs to look out for
- Invites to ‘stock tips’ or ‘investment advice’ groups on WhatsApp, Telegram, or other messaging apps.
- A virtual asset service provider (crypto trading platform) that isn’t listed on AUSTRAC’s publicly searchable register.
- Pressure to act quickly or deposit funds to ‘secure’ returns.
- Guaranteed profits or unusually consistent or high returns.
- Requests for extra fees to withdraw your money.
Stay safe from crypto scams
- STOP – Don’t give personal information or act on investment advice you have come across on social media. Don’t feel pressured to invest. If you have any doubts, stop communicating with them
- CHECK – Check the AUSTRAC register 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 financial information or transferred money, contact your bank immediately. Help others by reporting scams to Scamwatch.
