Crypto Scams in Australia: Warning Signs and Reporting

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Crypto scams in Australia can involve fake trading apps, people pretending to be an exchange, or someone you trust asking you to send crypto. If you've already paid, Moneysmart says to stop sending money and contact your bank or crypto platform immediately, while Scamwatch warns that getting your money back is unlikely.

The short version

According to Moneysmart's crypto scams page, updated on 1 October 2026, ASIC took down more than 19,400 online scams in 2025 to 2026, including more than 3,000 crypto investment scams. The overall number was up 182% on the previous year. Scamwatch says Australians lose more money to investment scams than any other type of scam.

A convincing screen balance doesn't prove you own an investment. Scamwatch says scammers can display fake growth and allow small withdrawals before refusing a full withdrawal. That's how a fake platform earns your trust.

If you've lost money, stop paying and report it. And be wary of anyone who then offers to get your crypto back: Scamwatch says they're usually running another scam.

Common crypto scams in Australia

Paying scammers with crypto

Moneysmart identifies requests to pay scammers with crypto as one category. These can come through romance scams, supposed job recruiters, giveaways or blackmail. Someone may also pretend to be an official and claim your crypto has been frozen.

None of these need to look like investing. The common thread is someone asking you to send them crypto. Scamwatch also says scammers exploit crypto ATMs, so being told to feed cash into a crypto ATM is a serious warning sign.

Fake trading platforms, wallets or apps

According to Moneysmart, scammers use phishing pages, fake trading platforms and fake wallet apps. You may be directed to download an app from a website. A platform may show gains before locking you out.

Scamwatch describes fake investment data and small withdrawals as part of the deception. A growing balance, or a small payment out, doesn't mean the rest of your money is there.

Moneysmart says crypto can be held in a software wallet or a hardware wallet, and losing a private key usually means losing the crypto. Our guide to hot and cold wallets explains how keys work, and why no one should ever ask for them.

Fake tokens and schemes

Moneysmart warns about mystery tokens appearing in your wallet. Trying to sell them can trigger a smart contract. If a token you never bought turns up, leave it alone.

Other examples on Moneysmart's list include initial coin offering and launchpad schemes known as rug pulls, and crypto Ponzi schemes.

Impersonation of real exchanges

Moneysmart lists impersonation of real exchanges as another scam type. A familiar logo on a message or website proves nothing. Scamwatch recommends checking contact details you find yourself.

Moneysmart says an exchange or platform will never ask you to share your password. A request for your password is a warning sign.

Romance baiting and deepfake ads

Scamwatch describes romance baiting as a fake dating profile followed by a move to WhatsApp, LINE or WeChat, then an investment pitch. The crypto pitch often comes weeks into a friendly chat, once trust has built.

Scamwatch also warns about fake celebrity endorsements and AI deepfakes in ads and fake news stories. A recognisable face or a news-style presentation can be part of the scam. Moneysmart includes tips from online partners, influencers and ads among its red flags.

Red flags

Moneysmart identifies these warning signs:

• Unexpected contact: Someone approaches you with a crypto offer you didn't ask for.
• Borrowed credibility: The tip comes through an ad, a fake celebrity endorsement, an influencer or an online partner.
• Pressure: You're pushed to act fast instead of taking time to check.
• Promises: The offer includes guaranteed returns or free crypto.
• Password requests: Someone claiming to represent a platform asks you to share your password.

Scamwatch adds another pattern: an apparent investment grows on screen, but a full withdrawal is refused. Small withdrawals earlier on don't rule out a scam.

How to check before you send anything

Scamwatch recommends checking the Moneysmart investor alert list, the IOSCO investor alerts portal and an Australian financial services (AFS) licence. It also says to use contact details you find yourself. Don't rely on a phone number or link the person gave you.

Moneysmart's alert list, updated on 27 October 2026, includes entities that may target Australians, don't hold an AFS or credit licence and aren't allowed to offer investments. Moneysmart says the list isn't exhaustive. A name not being on it doesn't make a business safe.

For exchanges, search AUSTRAC's register of virtual asset service providers. AUSTRAC says it's illegal to provide virtual asset services in Australia without being registered, so a crypto business that isn't on the register is a red flag. But a listing only goes so far: AUSTRAC registration is an anti-money laundering registration, not a licence, a safety rating or an endorsement, and it doesn't protect your money if a platform fails. Scammers can also copy the name of a registered business. Moneysmart's crypto assets page, updated on 15 October 2026, says there is currently no public register to check the legitimacy of crypto exchanges. Our page on how to check a crypto exchange explains the checks in more detail.

If you've been scammed: what to do now

These steps come from Moneysmart and Scamwatch. Being scammed is nothing to be embarrassed about, and the sooner you act the better.

1. Stop sending money. Moneysmart says to stop payments if you've lost money.
2. Contact your bank and platform. Moneysmart says to contact your bank or crypto platform immediately. Scamwatch also says to contact your bank or card provider immediately.
3. Change your passwords. Scamwatch says to change your passwords.
4. Report to police through ReportCyber. Scamwatch directs people affected by crypto scams to ReportCyber.
5. Report to Scamwatch. Use the Scamwatch reporting page. Reports help warn others.
6. Contact IDCARE. Scamwatch says IDCARE, Australia's and New Zealand's national identity and cyber support service, can help you make a free plan.
7. Tell family and friends. Moneysmart suggests telling friends and family, partly so they can watch for the same scam.

Recovery scams

Scamwatch warns that anyone offering to help you get your money back is usually another scam. These offers often target people who have just reported a loss, and ask for an upfront fee.

We never recommend recovery services. Scamwatch says money lost to a crypto scam is unlikely to come back, and Moneysmart says there is little hope of recovering crypto stolen by a hacker. The official steps above are free. None of them can promise your money back.

Money mule jobs

Moneysmart warns about job offers that involve moving crypto or money for other people, sometimes called money mule jobs. They're dressed up as work, not investing. If a job asks you to receive money or crypto and pass it on, walk away. Moneysmart also lists fake job recruiters among scams that ask you to pay in crypto.

Tax note

The ATO's page on loss or theft of crypto assets says you can claim a capital loss for lost or stolen crypto if you can provide evidence that you owned it. Whether a scam loss fits depends on the facts, so keep your records and reports, and speak to a registered tax agent. Our crypto tax guide has more.

Frequently asked questions

Can I get money back after a crypto scam?

Scamwatch says you're unlikely to get back money lost to a crypto scam. It also warns that someone offering to recover your money is usually another scam. Moneysmart says to stop sending money and contact your bank or crypto platform immediately.

How do I report a crypto scam in Australia?

Scamwatch says to report crypto scams to police through ReportCyber. Both Scamwatch and Moneysmart also recommend reporting to Scamwatch. Contact your bank or card provider immediately if you've made a payment, according to Scamwatch's guidance.

Does AUSTRAC registration mean an exchange is safe?

No. It's an anti-money laundering registration, not a licence, a safety rating or an endorsement, and it doesn't protect your money if a platform fails. Moneysmart also warns that many crypto providers aren't licensed.

Can a scam platform let me withdraw money?

Yes. Scamwatch says scammers may allow small withdrawals while showing fake investment growth, then refuse a full withdrawal.

Will a real exchange ask for my password?

Moneysmart says an exchange or platform will never ask you to share your password. Impersonation of real exchanges is one of its listed crypto scam types. Scamwatch recommends finding contact details yourself when checking an offer.

Where can I get help after a scam?

Scamwatch says IDCARE can help you make a free plan. Its guidance also includes contacting your bank or card provider and changing passwords. Moneysmart recommends telling friends and family as well as reporting the scam.