Overview
- ASIC and the National Anti-Scam Centre issued a public scam alert on Monday warning that active campaigns are advertising fake crypto trading platforms inside social‑media posts and messaging groups.
- Scammers recruit targets by posing as influencers or expert traders, inviting people into WhatsApp or Telegram investment groups where trust is built through impersonation and peer pressure.
- The advertised platforms display fabricated trades and fake profit dashboards to convince victims to deposit funds, then demand extra 'withdrawal' or 'release' fees while the original deposits are sent to scammers’ accounts.
- Younger Australians are heavily exposed to these campaigns, with surveys cited in the coverage saying many Gen Z users see crypto ads and are contacted about investing, though ScamWatch warns that experienced investors can also be fooled.
- Regulators and ScamWatch advise people to verify providers on AUSTRAC’s register and ASIC’s Moneysmart, avoid acting on group tips, report scams to ScamWatch and police, and contact their bank immediately because recovery of transferred funds is usually difficult.