Scam Alert: Aussies Beware of Fake Crypto Trading Websites

August 14, 2021, 10:15 AM AEST - 2 months ago

As the number of crypto scams continues to grow, Australians should be wary when entering certain fake crypto trading websites.

Beware of Fake Crypto Trading Platforms

Scamwatch, run by the Australian Competition and Consumer Commission (ACCC), recently issued warnings on how scammers are targeting Aussies to rip them off using fake platforms.

Not only are scammers designing highly detailed websites posing as crypto exchanges, they are also targeting Aussies on apps including Telegram and other channels to lure investors by offering trading tips and then sending them to fake platforms:

How To Spot These Scams and Avoid Them

There are many types of Bitcoin scams going on. The most common are fake exchanges and wallets, blackmail scams and impersonation giveaway scams.

First of all, a legitimate crypto exchange or broker will never reach out to your Telegram, Gmail or any other channel to offer you trading tips or whatever strategy they come up with. Scammers are persistent, so expect them to make several calls or send emails offering investment advice or trading tips. Another red flag is ads for sites or seminars with “risk-free” investments, or the classic how to “get rich quick” invitation.

For more information, read our guide about common bitcoin scams and how to protect yourself from making a bad decision and losing your capital.

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