Pig-Butchering Scams in Australia
How long-term romance investment fraud targets Australians via dating apps and WhatsApp, and the Scamwatch and AFCA reporting pathways.
Part of: Pig-Butchering Scams
Last reviewed: 1 June 2026
Pig-butchering fraud is among the highest-loss scam categories in Australia, with Scamwatch and the Australian Federal Police documenting significant losses annually. Australian victims are recruited through dating apps, LinkedIn, and WhatsApp wrong-number messages, and the subsequent investment pitch typically involves cryptocurrency platforms.
Australia's relatively high rate of crypto adoption and the significant presence of international crypto platforms has made it easier for scammers to present fraudulent platforms as plausible regulated alternatives.
How this scam works on Australia
Australian victims are typically contacted through Bumble, Hinge, or Tinder by profiles presenting as successful professionals — frequently of East Asian heritage to match the profile favoured by organised operations. After weeks of messaging, the contact moves to WhatsApp and eventually introduces a crypto trading platform they use with apparent success.
The platform typically features a professional interface, fake ASIC or AUSTRAC registration claims, and a dashboard showing excellent returns. Deposits are collected via crypto exchange or direct bank transfer. Withdrawal attempts are met with 'capital gains tax pre-payment' requirements fabricated as an ASIC compliance measure. By the time victims recognise the fraud, they have typically made multiple large deposits.
Common red flags
- Dating app contact who quickly moves to WhatsApp and mentions crypto investment
- Trading platform claiming ASIC or AUSTRAC registration that cannot be verified
- Withdrawal blocked by a demand for 'CGT pre-payment' or 'ASIC compliance fee'
- Platform that can only be accessed through a referral link, not through independent search
- Contact who can never meet in person despite claiming to be in Australia
How to protect yourself
- Verify any investment platform at asic.gov.au/check-before-you-invest
- Check AUSTRAC's registered reporting entity list for any crypto exchange before depositing
- Consult Scamwatch's current warnings before engaging with any new investment contact
- Insist on an in-person meeting before any financial discussion with a dating app contact
- Contact the Australian Signals Directorate (ASD) if you believe your device has been compromised in connection with a scam
How to report it
- Report to Scamwatch at scamwatch.gov.au — include the platform URL, wallet addresses, and all communication screenshots
- Lodge a complaint with AFCA at afca.org.au if your bank refuses to assist with a recall
- Report to the Australian Federal Police via the AFP website if losses are substantial
Frequently asked questions
Does ASIC publish a list of fraudulent investment platforms?
Yes — ASIC maintains a 'list of companies you should not deal with' on its website at asic.gov.au. This list is updated regularly and includes fraudulent platforms that have been reported to ASIC. Always check this list before depositing on any platform you found online.