Investment Scams in Australia: Fake Term Deposits, Crypto Platforms and Deepfake Ads
Investment scams cause the largest reported losses of any scam type in Australia. Common versions include fake term deposits and bonds that impersonate real banks and fund managers, crypto and forex 'trading platforms' promoted through deepfake ads of well-known Australians, and relationships that start on dating apps or WhatsApp before turning to investing. Scammers use comparison-style websites to collect your details, then call as a 'broker'. Before you invest, check that the business holds an Australian Financial Services (AFS) licence on ASIC's professional registers and look at ASIC Moneysmart's investor alert list.
Real Scam Message Examples
These are real examples of messages used in this type of scam. If you receive something similar, do not click any links.
Example 1
“Secure your savings: 7.85% p.a. fixed term deposit, government guaranteed up to $250,000. Offered with a major Australian bank. Limited allocation — call your broker today.”
Example 2
“Your account has reached $62,400 AUD. To comply with ASIC regulations, a 12% withdrawal tax of $7,488 must be paid before funds are released.”
Example 3
“SHOCKING: Famous Aussie entrepreneur reveals how he turns $400 into $12,000 a month. The banks are furious. Sign up before this platform is taken down!”
Warning Signs of an Investment Scam in Australia
- ⚠A term deposit or bond offers rates well above what the big four banks pay, sometimes using a real bank's name and logo
- ⚠An ad or 'news article' shows a famous Australian endorsing a crypto or AI trading platform
- ⚠The adviser has no AFS licence you can find on ASIC's register, or gives contact details that don't match the register
- ⚠You're told to transfer money to a personal account or buy crypto and send it to a wallet
- ⚠You must pay 'tax', 'fees' or 'insurance' before you can withdraw your profits
How Does This Scam Work?
- 1You click an ad or fill in a form on a comparison-style website, or meet someone online who talks about investing
- 2A 'broker' or 'account manager' calls with professional-looking documents, often copying a real bank or licensed fund
- 3You make a first deposit and see strong returns on a fake online dashboard
- 4You're pushed to invest more — sometimes your super, a redraw, or a loan — and told to keep it confidential
- 5When you try to withdraw, fees and 'taxes' appear; the platform disappears, and 'recovery' scammers may contact you
Legitimate vs Scam: How to Tell the Difference
| Aspect | ✓ Legitimate | ✗ Scam |
|---|---|---|
| Licensing | Holds an AFS licence you can find on ASIC's professional registers | No licence, or clones a real licensee's name and number |
| Term deposits | Opened directly with the bank through its official website, app or branch | Sold by a 'broker' who asks you to transfer to a different account |
| Returns | Rates similar to the market; risks disclosed | Well above market, 'guaranteed', 'no risk' |
| Withdrawals | No 'tax' is charged by ASIC to release your funds | Demands a fee or 'ASIC tax' before withdrawal |
What Should You Do?
- ✓Check ASIC's professional registers for an AFS licence and search ASIC Moneysmart's investor alert list at moneysmart.gov.au
- ✓Contact the bank or fund directly using details from its official website — not the ones the 'broker' gave you
- ✓Paste the suspicious message into ScamCheck for an instant verdict
- ✓If you've sent money, contact your bank immediately and ask them to try to stop or recall the payment
- ✓Report to Scamwatch (scamwatch.gov.au) and ReportCyber (cyber.gov.au); IDCARE (1800 595 160) offers free support if your identity was exposed
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Check it now — it's free →Frequently Asked Questions
How do I check if an investment company is legit in Australia?
Search ASIC's professional registers to confirm the business holds an Australian Financial Services licence, and check the investor alert list on ASIC's Moneysmart website. Then contact the firm using the details on the register or its official website, not those supplied by the person who contacted you.
Are high-interest term deposit offers from brokers real?
Be very cautious. Scammers impersonate real banks to sell fake term deposits and bonds with above-market rates. Genuine term deposits are opened directly with the bank. Call the bank on its official number to confirm.
Does ASIC charge a tax to release my investment funds?
No. ASIC does not charge investors fees or taxes to release funds from a platform. Being asked to pay before you can withdraw is a strong sign of a scam.
Can I get my money back from an investment scam in Australia?
Contact your bank straight away — the faster you act, the better the chance of stopping a transfer. Report to Scamwatch and ReportCyber. Be wary of anyone offering to recover your money for an upfront fee; that is usually another scam.
Are celebrity crypto ads in Australia real?
No. Ads showing well-known Australians promoting crypto or trading platforms are fake, frequently using AI deepfakes and fake news-site layouts. Report them to the platform and to Scamwatch.
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