What’s happening
Scammers are promoting fake crypto asset trading platforms to people who have joined ‘share trading’ or ‘stock tips’ message 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 ads 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 it looks like
Examples of scam group messages: