Fake Trading Platforms Targeting Australians
Australians lose hundreds of millions of dollars annually to fake trading platforms promoted via social media, celebrity deepfake ads, and WhatsApp groups — ASIC maintains a warning list of unlicensed platforms.
Part of: Fake Trading Platforms
Last reviewed: 1 June 2026
Australia consistently reports some of the highest per-capita investment fraud losses in the developed world. Fake trading platforms — particularly those promoted through Facebook and Instagram ads using the likenesses of Australian business celebrities, TV personalities, and sporting figures — are a primary driver. ASIC's investor alert list and Moneysmart warnings page are regularly updated but cannot keep pace with the speed at which new fraudulent platforms are launched.
The self-managed superannuation fund (SMSF) system in Australia creates an additional vulnerability: Australians have direct control of their retirement savings, which can be invested directly into fraudulent platforms with no employer or fund manager as an intermediary check.
How this scam works on Australia
Facebook and Instagram ads featuring deepfake or stolen footage of Australian celebrities — including prominent TV presenters, mining entrepreneurs, and sports personalities — direct users to sign-up pages for fake trading platforms. Victims provide details, are called by a 'broker,' and make an initial deposit.
WhatsApp groups operating as 'VIP investment communities' recruit Australians with promises of share trading, property investment, or commodity trading through platforms that have fabricated ASIC registration numbers.
SMSF-targeted fraud approaches self-employed Australians with advice to roll over their SMSF into a managed account on a specific platform, offering above-market returns for a minimum investment of $50,000 or more.
Common red flags
- Social media ad featuring an Australian celebrity endorsing a specific trading platform
- Platform that claims to be 'ASIC registered' but cannot be verified on ASIC's register at moneysmart.gov.au
- WhatsApp group promoting a specific trading platform with guaranteed returns
- Unsolicited cold call from a 'broker' following up an online enquiry
- SMSF advice from an unverified source recommending rolling over to a specific managed platform
How to protect yourself
- Verify any investment platform on ASIC's register at moneysmart.gov.au/scams/investment-scams
- Check ASIC's investor alert list before depositing with any platform
- Never act on investment advice from cold calls or social media ads featuring celebrities
- Report suspicious platforms to ASIC at asic.gov.au/report
- Consult a licensed financial adviser before any significant investment decision
How to report it
- Report to ASIC at asic.gov.au/report
- Report to Scamwatch at scamwatch.gov.au
- Contact your bank or superannuation fund immediately if funds were transferred
Frequently asked questions
How do I check if a trading platform is licensed in Australia?
Search the platform's name on ASIC's Financial Services Register at connectonline.asic.gov.au and on ASIC's investor alert list at moneysmart.gov.au/scams/investment-scams/investor-alert-list. If the platform is not on the register or is on the alert list, do not invest.