Fake Crypto Trading Platforms - ACCC ScamWatch

 

View this email in your browser Fake crypto trading platforms

This scam alert is a joint warning from the Australian Securities and Investment Commission (ASIC) and the National Anti-Scam Centre (NASC). 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:  Example of a scam trading platform: Warning signs to look out for Invites to ‘stock tips’ or ‘investment advice’ groups on WhatsApp, Telegram, or other messaging apps. Any 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.

Protect yourself from scams by: STOP. Don’t give personal information or act on investment advice you have come across on social media or messaging apps. 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. If you’ve given any personal information to someone you suspect is a scammer, act quickly. See more about what to do if you’ve been scammed and what steps you can follow. To report scams and find more info go to Scamwatch.gov.au You have received this email because you have subscribed to receive Scamwatch scam alerts issued by the Australian Competition and Consumer Commission’s National Anti-Scam Centre. We send these alerts to tell you about new scams and how to avoid them. If you have any doubts about an email's source, verify the sender by independent means. Use their official contact details to check the email is legitimate before clicking on links or opening attachments. You can update your preferences or unsubscribe.