Don’t Get Caught Out by Crypto Scams: What You Need to Know

Cryptocurrency has become a hot topic in recent years, with promises of fast returns and financial freedom. But with the rise in popularity comes a rise in scams—and Australians are losing millions each year to sophisticated crypto frauds.

What is a crypto scam? A crypto scam is any scheme where criminals use cryptocurrency—or the promise of it—to steal money, personal details, or access to your accounts. Common scams include fake investment platforms, phishing emails pretending to be from legitimate crypto exchanges, and social media messages promoting too-good-to-be-true returns.

Red flags to watch out for:

• Unsolicited contact from someone offering to help you invest in cryptocurrency

• Guaranteed high returns with little or no risk

• Pressure to act quickly or keep the offer secret

• Fake celebrity endorsements or testimonials

• Requests for payment in cryptocurrency only

Once money is sent via crypto, it’s extremely difficult—often impossible—to get it back.

How to protect yourself:

• Do your homework. Research any platform, app or investment opportunity carefully.
• Never share your private keys or wallet credentials. Treat them like the PIN to your bank account.
• Be suspicious of cold calls, DMs, or unexpected emails. Scammers often impersonate legitimate companies or even your contacts.
• Don’t click on suspicious links or download unknown apps. These may be phishing attempts or contain malware.
• Talk to someone you trust before investing—scammers rely on silence and secrecy.
• Use two-factor authentication (2FA) on crypto platforms for added security.

If you think you’ve been scammed or spotted something suspicious, report it to Scamwatch and your local police station.

Cryptocurrency can be exciting, but it’s also a magnet for fraud. Staying alert, informed and cautious is your best protection. If it sounds too good to be true—it probably is