Cryptocurrency scams are among the leading causes of financial loss for Australians. The Australian Competition and Consumer Commission (ACCC) consistently reports investment scams as the highest-loss category nationally. Your most effective defence against these scams is understanding how they work.
Fake investment brokers and portfolio managers
Scammers pose as investment brokers or cryptocurrency trading experts. They typically make contact after you engage with a fake advertisement or social media post, or approach you through a messaging app or phone call.
They will often:
- Show you falsified profit dashboards hosted on convincing fake websites
- Allow you to "withdraw" a small amount of funds early on to build your trust
- Ask you to deposit more and more funds over time
- Stall or invent fees when you try to withdraw further funds
- Cut off all contact once you attempt a full withdrawal
These scammers often claim to be located overseas and present falsified credentials to appear legitimate. Once contact is cut, the funds are gone.
If someone you have not met in person is offering to manage your crypto investments, treat it as a red flag.
Romance Scams and pig butchering
In "pig butchering" scams, criminals invest significant time - sometimes months - building a genuine-seeming relationship with you through a dating app, social media, or messaging platform. Once trust is established, they introduce a "can't miss" cryptocurrency investment opportunity.
Because the relationship feels real, these scams are particularly difficult to identify. The name refers to the process of fattening a pig before slaughter - the scammer "fattens" your investment before taking everything.
If someone you have only met online - regardless of how well you think you know them - is encouraging you to invest in cryptocurrency through a platform they recommend, stop and seek a second opinion from someone you trust in person or reach out to our Support team.
Offers that seem too good to be true
Promises of guaranteed returns, secret trading strategies, or celebrity-endorsed investment schemes are almost always fraudulent. No legitimate service can guarantee cryptocurrency profits.
Free software, apps, or browser extensions offered online may also come bundled with tracking software that monitors your activity or steals credentials.
If an offer looks too good to be true, it almost certainly is.
Fake BTC Markets websites and communications
Scammers create websites and send emails that closely imitate BTC Markets. Always verify that you are on the correct website before entering your credentials.
BTC Markets will never:
- Ask for your password or 2FA code
- Ask you to install remote access or screen-sharing software
- Contact you unsolicited to offer trading advice or account reviews
- Ask you to transfer funds to an external wallet to "protect" your account
If you receive a message claiming to be from BTC Markets that asks for any of the above, do not respond. Contact our support team directly to verify.
Do not allow anyone to access your account or devices
A common tactic is for scammers to offer to help you trade, or to "teach" you by taking remote control of your device. Once someone has remote access to your device, they can access your BTC Markets account, your bank accounts, and any other accounts you are logged in to.
Do not install remote access software for anyone who contacts you unsolicited, regardless of how helpful or legitimate they appear.
Review bank and credit card statements regularly
The impact of identity theft and online crimes can be greatly reduced if you can catch it shortly after your data is stolen or when the first use of your information is attempted. One of the easiest ways to get the tip-off that something has gone wrong is by reviewing the monthly statements provided by your bank and credit card companies for anything out of the ordinary.
If you think you have encountered a scam
If you believe you have been targeted or have lost funds to a scam, report it promptly. Early reporting can sometimes assist in recovering funds or preventing others from being targeted.
- ScamWatch - is run by the Australian Competition and Consumer Commission (ACCC) and provides information to consumers and small businesses about how to recognise, avoid and report scams.
- Report | Cyber.gov.au - is where to go if you have been a victim of a scam or fraud online and want to report it to police.
- IDCARE - is Australia and New Zealand’s National Identity and Cyber Security Support Service and provides free phone consultants, support and advice for the community.
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ACCC Little Book of Scams – is an important tool for consumers and small businesses to learn about scams.
For more information about any of the topics mentioned above, feel free to contact support.