Investment Scams
Fake investment platforms and apps, ads that borrow a celebrity's face, bonds and term deposits sold under a real bank's name, crypto exchange 'support' messages and online friends who coach you into 'trading' all end the same way: real money goes into something that doesn't exist. The newer versions survive a quick search, with professional websites, fake reviews and dashboards showing your balance growing, and a second scam often follows, offering to recover the money for a fee.
This guide explains how the scam works, the warning signs to watch for, and what to do if you've been caught out. Got a specific message in front of you? Check it now and get an instant verdict.
How this scam works
ASIC's Moneysmart site puts the core of it plainly: with an investment scam, the investment product does not exist, and most likely the person selling it to you is not who they say they are. The route in varies. Moneysmart describes an ad on a well-known platform that leads to a fake news article featuring celebrity endorsements and fabricated public comments; once you hand over your details, scammers follow up with scripted phone calls, fake investment platforms and even small profit payments to build trust. Other versions borrow a real bank's name: Moneysmart says scammers pose as financial companies and offer fake 'low-risk' investments, like bonds or fixed term deposits. Crypto adds fake trading platforms and scammers impersonating legitimate digital currency exchanges to get your login details. Swyftx, an Australian exchange, describes scammers impersonating law enforcement agencies and cryptocurrency exchanges: a caller claiming to be from your exchange says your wallet has been compromised and instructs you to send all of your funds to an external wallet set up by the scammers. The slower version is a relationship. The AFP describes pig butchering, also known as romance baiting, as a scam in which offenders often devote long periods of time to gain the trust of victims before encouraging them to invest in the share market, cryptocurrency or foreign currency exchanges. Whatever the costume, the platform is built to take money in: Moneysmart describes a fake investment platform that lets you deposit money but prevents you from withdrawing.
What the scam looks like
These composed examples show how the scam typically reads, with the tells that give each one away. Compare them against anything you've received.
A social media ad shows a well-known TV presenter praising a new AI trading platform. The link opens a page styled like a news site, with enthusiastic comments. Next day 'Casey from the investment desk' phones, helps you open an account at smart-trade-desk[.]example, and the dashboard shows your first deposit up 18% by Friday.
What gives it away:
- Moneysmart says the footprint scammers build can include fake news articles, fake celebrity endorsements, fake reviews and deepfake videos, so a celebrity or 'news article' proves nothing
- The dashboard is just a screen; check the firm on ASIC's Professional Registers Search
- A quick early 'profit' is bait; Moneysmart says scammers use small profit payments to build trust
A text from an unknown number: 'Hi Mei, sorry, wrong number! You seem lovely though.' Weeks of friendly chat follow. The new friend mentions steady profits from crypto trading and points you to global-yield-desk[.]example. After a few top-ups the balance looks huge, but a withdrawal needs a 'tax' payment first.
What gives it away:
- The AFP says pig butchering often starts with cold texting on messaging apps, and that scammers usually say the accidental message is because of 'fate' or 'divine will'
- Moneysmart names dating apps as a place where scammers build trust before introducing an investment opportunity; friendship first and investment second is the pattern
- An AFP release on a seized scammer manual says victims are told they can no longer withdraw because extra verification fees or taxes are needed; paying to get your own money out is the moment to stop
A caller says they are from an 'asset recovery unit' and have traced the money you lost. They can release it, they say, once you pay a 'tax' and a 'refundable insurance bond' of $2,400 in crypto to a wallet they will send. A case number and certificate appear on asset-recovery-claims[.]example, and they ask you to call back on 1300 000 000.
What gives it away:
- Moneysmart lists as a follow-up scam anyone who claims they can recover your losses for a percentage or for a fee they say is a 'tax', 'deposit', 'retainer' or 'refundable insurance bond'
- ASIC's follow-up scams alert says scammers claim they can recover funds, cryptocurrency or digital wallets for an upfront fee, often required to be paid via cryptocurrency
- A case number or certificate proves nothing; ASIC says it won't ask for a payment in any currency to enable funds or assets to be released
Who gets targeted, and when
Anyone. Moneysmart says anyone can be a victim, and that, according to the National Anti-Scam Centre, Australians lost more than $837 million to investment scams in 2025. People who research first are targeted on purpose: Moneysmart says scammers create fake information designed to appear in search results, reviews and AI-generated answers. Others in the frame include people comparing 'safe' term deposits online, members of 'share trading' or 'stock tips' messaging groups, crypto holders, and anyone with a new online friend who talks about investing.
Investment scams follow attention. Macquarie's scam guidance says investment scammers are agile and typically offer whatever is attracting interest and attention in the market, so the lure keeps changing. Romance is used too, which is why the AFP has warned about pig butchering ahead of Valentine's Day, and after a loss Moneysmart says you may be targeted in a follow-up scam.
How to spot it
- Unsolicited offers of high returns or guaranteed profits, with pressure to hurry; Moneysmart says legitimate investments always involve some level of risk
- A celebrity, 'news article' or ad pushing a specific investment, or a government logo on the paperwork; Moneysmart says financial firms are not allowed to use any government logo, such as ASIC, APRA, or AUSTRAC, to promote their products
- A firm with no Australian financial services (AFS) licence, or one that says it doesn't need one
- A platform that shows your balance growing but blocks withdrawals or asks for 'tax' or 'release' fees; Moneysmart describes a fake platform that lets you deposit money but prevents you from withdrawing
- Payment details that don't fit; Moneysmart says the destination bank account must be in the same name as the licensed investment provider
- A request to pay in crypto only; Moneysmart says it's unlikely that any legitimate financial services firm will ask you to pay exclusively in crypto
- A message 'from' your crypto exchange saying your account is locked, with a link to restore it or an instruction to move funds to a 'safe' wallet
- A new online friend who steers the chat to investing, or anyone who offers to recover money you've already lost
What to do if you have been targeted
- Stop sending money and block the scammer. If you paid by bank transfer or card, call your bank or card provider immediately; Moneysmart says to report crypto payments to the platform or exchange you used
- Report it to Scamwatch (scamwatch.gov.au), as ASIC says to for all scams including investment scams. If money was stolen, Moneysmart says to call police on 131 444 or report through ReportCyber (cyber.gov.au)
- Keep the wallet addresses, phone numbers and emails the scammer used; Swyftx asks victims to give them to their exchange. If you handed over identity documents, contact IDCARE (idcare.org) for free identity support
- Don't pay anyone to get your money back; Moneysmart lists offers to recover your losses for a percentage or a fee as follow-up scams
- Tell someone; the AFP says some victims are too embarrassed to inform authorities and urges them not to be
Where to report it
- Scamwatch — Report the scam to the ACCC's national scam service.
- ReportCyber — Report cybercrime and financial loss to the police.
- ACMA — Complain about scam texts and spam SMS, email or calls.
- Forward to 7226 (SCAM) — Forward the scam SMS to short code 7226 so carriers can block the source.
- IDCARE — Free identity and cyber support if your details were taken.
How to protect yourself
- Check the firm on ASIC's Professional Registers Search; Moneysmart says to enter the name, ABN, ACN or licence number, pick the AFS licensee or authorised representatives register, and check that any website listed matches the one you have been using
- A register hit alone isn't enough; Moneysmart says scammers misuse AFS licence details by claiming to hold a licence, using another entity's licence number, or impersonating a licensed financial services business
- Find the firm's contact details yourself, for example through AFCA's website, and ask it directly whether the offer is genuine; Moneysmart says not to rely on contact details in the offer itself
- Search the Moneysmart Investor Alert List, but treat silence as unproven; Moneysmart says that if you can't find a name on the list, it doesn't mean you can trust it
- Ask someone you trust to look at it first, as Moneysmart suggests for any large deposit, investment or money transfer
- Don't act on a message from your exchange: open its app or type its address yourself, and treat any instruction to move funds to a wallet someone else supplies as theft; Swyftx says to cease all communication and contact your exchange directly
- A sender name proves nothing; Macquarie reports scam texts sent from the sender ID 'Macquarie' that can appear in the same thread as genuine messages. Forward scam texts to 7226 (spells SCAM), then delete them
Investment Scams in 2026
Investment scams are now built as whole ecosystems rather than single messages. Moneysmart says some of the most sophisticated use AI to create an entire ecosystem of fake ads, reviews, comparison websites, investment platforms and news articles that work together, and that ASIC removed more than 19,400 online scams in the 2025/26 financial year, up 182% on the previous year. Real brands are used as cover: Macquarie's alerts page lists a September 2026 fake crypto investment platform that used the Macquarie brand and AI generated videos of senior executives, and an August 2026 alert about fraudulent Macquarie-branded term deposits. The check that holds up is unchanged: look the firm up yourself on ASIC's registers.
Related brands targeted by this scam
Scammers often impersonate these names in investment scams. Here's how to tell a genuine message from a fake:
Check a suspicious message now
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Frequently asked questions
How do I check whether an investment company is licensed in Australia?
Use ASIC's Professional Registers Search. Moneysmart says to enter the name, ABN, ACN or licence number, select the AFS licensee or authorised representatives register, and check that any website listed matches the one you have been using. Moneysmart adds that holding an AFS licence doesn't mean ASIC endorses the company, and that scammers misuse licence details, so get the firm's contact details independently.
Is a firm that isn't on the Moneysmart investor alert list safe?
Not necessarily. ASIC's list names suspicious companies, businesses and websites that may be unlicensed or impersonating a real company or licensee, but Moneysmart says it is not exhaustive and that if you can't find a name on it, that doesn't mean you can trust it.
A message says my crypto exchange account is locked and I must move funds to a safe wallet. Is it real?
Treat it as a scam attempt. Swyftx describes scammers impersonating law enforcement agencies and cryptocurrency exchanges, with a caller claiming your account or wallet has been compromised and telling you to send all your funds to an external wallet set up by the scammers. Don't use the link or number in the message: open your exchange's app or type its address yourself.
I met someone online who is teaching me to invest in crypto. Is that a scam?
It might be. The AFP describes pig butchering, also known as romance baiting, as a scam in which offenders often devote long periods of time to gain the trust of victims before encouraging them to invest. A friend you haven't met who steers the chat toward investing is a reason to stop and talk to someone you trust.
Someone has offered to recover my lost investment for a fee. Can I trust them?
Treat the offer as another scam. ASIC's follow-up scams alert says that if you have been scammed and someone contacts you with an offer to help recover money, it is a scam. ASIC also says it won't ask for a payment in any currency to enable funds or assets to be released.
I was offered a term deposit or bond with a big bank's name on it. How can I tell it's real?
Moneysmart says the destination bank account must be in the same name as the licensed investment provider, and the BSB should be for that bank. Macquarie lists rates significantly higher than the general market, and being directed to a Macquarie-branded website other than macquarie.com.au, as signs of fake Macquarie-branded term deposits. A correct-looking address proves nothing on its own, so ask the bank directly using contact details you found yourself.
Can I get my money back after an investment scam, and where do I report it?
Moneysmart says getting any money back can be particularly difficult because many of these scams involve overseas criminal networks, and that scammers often move money quickly between accounts or convert it to cryptocurrency to make it harder to trace. Contact your bank or card provider immediately, report to Scamwatch at scamwatch.gov.au, forward scam texts to 7226 (spells SCAM), and report to ReportCyber at cyber.gov.au if you lost money.
Scam message examples
Related scam types
Other scams hitting Australians right now — know the warning signs:
- Fake accounting software alerts (Xero, MYOB & more)
- Bank Impersonation Scams
- Business email compromise (BEC) & fake invoice scams
- Charity Scams
- Delivery & Parcel Scams
- Energy Bill Scams
- Government Impersonation Scams
- myGov impersonation scams
- Online Shopping Scams
- QR code scams (quishing)
- Social Media Scams
- Tax refund & ATO impersonation scams
- Telco Scams
- Unpaid Toll Scams
Sources
- Investment scams (ASIC Moneysmart)
- Check before you invest (ASIC Moneysmart)
- Investor alert list (ASIC Moneysmart)
- Imposter bond investment scams (ASIC Moneysmart)
- Crypto scams (ASIC Moneysmart)
- An AI investment scam journey (ASIC Moneysmart)
- What to do if you've been scammed (ASIC Moneysmart)
- Report an investment scam (ASIC Moneysmart)
- Search ASIC registers (ASIC)
- Scams (ASIC)
- Alert: 'Follow up' scams, offers to help recover lost funds (ASIC)
- Scam alert: Beware scammers impersonating ASIC requesting payments to release funds or assets (ASIC)
- Pig butchering scam targeting Australians as AFP warns lonely hearts to be wary this Valentine's Day (AFP)
- Latest crypto scams, fraud and security alerts (Swyftx)
- Latest scams alerts (Macquarie)
- How an investment scammer can find and target you (Macquarie)
This guide is general information, not legal or financial advice — if you've lost money, contact your bank and the reporting channels above straight away.