Investment and Crypto Scams in Australia: Check, Report, Recover

This page covers investment scams in Australia, including crypto, fake trading platforms, celebrity endorsement ads and romance baiting: how they work, how to check an offer with ASIC's tools, and what to do if you have already paid. It covers federal regulators and national schemes as at 25 October 2026. For other scam types and first steps, start at the Australian scams hub.

How big the problem is

Scamwatch states that "Australians lose more money to investment scams than any other type of scam." In the National Anti-Scam Centre's Targeting Scams report for 1 January to 31 December 2025, released by the ACCC on 30 March 2026, investment scams led the reported losses at $837.7 million, ahead of payment re-direction, romance, phishing and remote access scams. Across all scam types, Australians reported $2.18 billion in losses in 2025.

The losses are large partly because investment scams are slow and convincing. AFCA, which hears complaints about banks, describes the pattern: victims often see a return on their first small investments, which "encourages them to invest more," and the aim is to build enough trust that they send more money and bring in friends and family.

The common types

Scamwatch groups investment scams into several kinds. The labels matter less than the pattern, but knowing them helps you recognise one:

• Crypto scams. Moneysmart describes four forms: paying scammers in crypto, investing in a fake trading platform, wallet or app, scam tokens and investment schemes, and impersonation of a real digital asset trading platform.
• Fake celebrity endorsement scams. Ads or fake news articles that appear to show a well-known person backing a trading platform.
• Romance baiting. Someone builds a relationship online, moves the chat to "a different, 'more private' chat site such as WhatsApp, LINE or WeChat," and then introduces an investment. Scamwatch notes that "If you stop investing or want to withdraw your money, the scammer will stop contacting you."
• Ponzi schemes, which pay earlier investors with new investors' money.
• Imposter bond scams and fake initial public offerings, which copy the names and documents of real financial firms.
• Superannuation scams. Scamwatch says these "offer early access to your super fund, often through a self-managed super fund or for a fee."

Moneysmart adds a scope note: some conduct, such as pump and dump schemes, may involve real financial products "and are generally considered fraud rather than scams." That distinction can matter for where you complain, but report either to Scamwatch.

Scammers also lure people in through fake jobs "trading crypto or working for a crypto platform." Moneysmart warns that scammers use people this way to launder money and "You could be charged by state or federal police." If that is how you were approached, read money mule scams in Australia.

Warning signs

Moneysmart lists red flags where the person or company offering the investment:

• does not have an AFS licence, or says they do not need one
• constantly contacts you and pressures you to decide quickly
• uses the name of a reputable organisation to gain credibility
• has a prospectus that is not registered with ASIC
• offers very high returns

ASIC adds two more from its takedown work: "Requests for payment in digital assets, such as crypto," and a website whose age, checked with a WHOIS search (whois.auda.org.au for .au sites, or lookup.icann.org), does not match what the website claims about itself. Moneysmart also warns that AI is being used to produce convincing scam websites, reviews and videos, so do not rely on contact details, links or phone numbers that come with the offer.

How to check an investment before you pay

In Australia, Moneysmart says, companies or people offering investments must have an AFS licence or be authorised by someone who does. Checking takes a few minutes:

Three cautions apply to every check:

• Match every detail. Scammers misuse licence details by claiming to hold a licence, using another entity's licence number, or impersonating a licensed business. Moneysmart says to verify the licence holder's name and number on the register and make sure those details match the business promoting the opportunity. If the register lists a website, check it matches the one you have been using.
• A licence is not a guarantee. Moneysmart says holding an AFS licence "doesn't mean that ASIC endorses the company, financial product, or advice," and it does not guarantee you will not lose money.
• The alert list is not complete. Moneysmart says the list "is not exhaustive and is based on the information available to ASIC at the time of publication," and "If you can't find a name on the list, it doesn't mean you can trust it." Some entries name the real business being impersonated, so read the entry carefully.

If the company is overseas, Moneysmart says to check with the regulator in that country. Scamwatch also points to the International Organization of Securities Commissions (IOSCO) investor alerts portal. And note what is outside ASIC's reach: Moneysmart says investments not regulated by ASIC include crypto or digital assets that are not financial products, and international investments not offered by licensed Australian providers. If something goes wrong with an unregulated investment, "you are not protected."

Scams that impersonate ASIC

Some scammers pose as ASIC itself, often to demand a fee to "release" frozen funds. ASIC says it "will never ask for a payment in any currency to enable funds or assets to be released," will not require or accept payments in crypto (including stablecoins), and always calls from a number with Australia's +61 country code and emails from an address ending in @asic.gov.au. If you get unsolicited contact claiming to be ASIC, hang up and call back on the number listed on ASIC's website. Moneysmart describes a related crypto variant: someone claiming to be a government or law enforcement official who says they have frozen crypto belonging to you.

What ASIC does, and does not do

ASIC coordinates the removal of investment scam websites and ads. ASIC says that since it set up its website takedown capability in July 2023, it has "coordinated the removal of tens of thousands of investment scam and phishing websites and online advertisements." Moneysmart reports that in the 2025/26 financial year ASIC removed more than 19,400 online scams, up 182% on the previous year, including more than 3,000 crypto investment scams. ASIC also acts against companies, directors and other "financial services scam enablers."

What ASIC does not do is get individual victims' money back. Its own words: "Unfortunately, ASIC cannot assist in getting money back." Both ASIC and Moneysmart say to report all scams, including investment scams, to Scamwatch, which shares reports with law enforcement and other agencies.

If you have already invested

Stop paying. The most common next demand is a fee to withdraw, a "tax" to release profits, or an offer of a special upgrade. Moneysmart lists follow-up tactics such as offering to swap your investment for another one to recover losses, telling you to "hang in there" because the investment will rise soon, and asking for a fee to lift "restrictions" on shares. These are ways to take more money, not to return yours.

Then work through these steps:

1. Tell your bank or card provider immediately if you paid by bank transfer or card, and ask it to stop any transactions. ASIC says that if you paid by bank transfer or credit card, the bank "may be able to reverse the transaction."
2. Report it to the crypto platform or exchange if you paid in crypto. ASIC notes that where you paid scammers in crypto, "your bank or credit union won't be able to assist."
3. Report to police. Scamwatch says to report crypto scams to police through ReportCyber.
4. Report to Scamwatch. See how to report a scam in Australia for each channel.
5. Protect your identity. If you shared identity documents or account logins with the scammer, call IDCARE on 1800 595 160.
6. Consider a complaint about your bank. Investment scam payments are usually authorised payments. AFCA asks whether your bank should have questioned the payments before processing them, and since 12 March 2026 it can also hear complaints about the bank that received the money. The process, time limits and caps are on how to get money back after a scam.

Be realistic about the odds. Moneysmart says getting money back "can be particularly difficult because many of these scams involve overseas criminal networks," and that scammers move money quickly or convert it to crypto to make it harder to trace. Scamwatch says of crypto scams that "it's unlikely you will ever get your money back." And Scamwatch warns: "be on the lookout for anyone offering to help you get your money back. They're usually just another scam."

Crypto ATMs

Scamwatch notes that "Scammers also take advantage of the convenience and speed of crypto ATMs to exploit Australians and steal their money," and points readers to AUSTRAC for guidance on crypto ATM scams. If anyone, whether a new romantic partner, a caller claiming to be from your bank or a government agency, or an online "account manager", tells you to withdraw cash and feed it into a crypto ATM, treat that instruction itself as the warning sign.

Frequently Asked Questions

How do I check if an investment company is legitimate in Australia?

Search the company or person on ASIC's Professional Registers to see whether they hold an AFS licence or are an authorised representative, and make sure the name, licence number and website match the business contacting you. Then check the Moneysmart investor alert list, remembering it is not exhaustive.

If a company has an AFS licence, is my investment safe?

No. Moneysmart says a licence does not mean ASIC endorses the company, product or advice, and does not guarantee you will not lose money. Scammers also impersonate real licence holders, so check that the details match.

Can ASIC get my money back from an investment scam?

No. ASIC says it cannot assist in getting money back. It takes down scam websites and ads and acts against scam enablers. Your bank, the crypto platform you used and police are the places to report a loss.

Can I get money back from a crypto scam?

It is very hard. Scamwatch says it is unlikely you will ever get it back, and ASIC says your bank will not be able to help with crypto payments. Report it to the platform you used, to police through ReportCyber, and to Scamwatch. If you sent the money from your bank account, ask about a complaint to the bank and then AFCA.

The platform says I must pay a fee to withdraw my profits. Should I pay?

No. Withdrawal fees, taxes to release funds and upgrade offers are common ways investment scams take more money. ASIC also says it never asks for payment to release funds or assets.

Someone says they can recover my lost investment for a fee. Is that real?

Almost certainly not. ASIC says anyone who contacts you after a scam offering to help recover money is running a scam.

Where do I report an investment scam?

Report all investment scams to Scamwatch. Report a loss to police through ReportCyber, and tell your bank straight away if money left your account.