Australian scammers are promoting fake cryptocurrency trading platforms to people in messaging groups, Scamwatch reports, with victims lured through social media advertisements claiming to offer stock tips from well-known figures or experts.

The platforms display fake data showing profits and trades but conduct no real trading. Money deposited goes to scammers, who then demand fees to release assets — fees that also go unpaid, according to Scamwatch. Victims are typically invited to WhatsApp or Telegram groups after seeing posts on social media.

Scamwatch said anyone can be targeted, even experienced investors, and warned against joining investment groups, following self-proclaimed trading 'gurus', or acting on unsolicited investment advice. It urged people to check the AUSTRAC register to verify whether a crypto platform is registered and to contact their bank immediately if they have transferred money.