Common patterns
- Guaranteed high returns with no risk
- Deepfake celebrity ads (Quantum AI, Immediate Edge and similar names)
- Romance baiting through dating apps that leads to crypto or trading platform invitations
- Fake ASIC or government approval seals
- Recovery scams — a second scammer offering to recover money you already lost (always a scam)
If you have already sent money
- Stop sending any more money immediately, even if you are pressured to add more.
- Call your bank straight away and ask them to freeze or recall the payment.
- Save all evidence: screenshots, contracts, chat history, receipts, account names.
- Report to Scamwatch, ASIC and ReportCyber (links below).
- Be alert for recovery scams — anyone contacting you out of the blue offering to recover your funds is almost always a second scammer.
Legitimate vs scam — quick check
- Legitimate: holds an Australian Financial Services (AFS) licence — verify on Moneysmart.
- Legitimate: listed in the AFCA member directory and has a complaints process.
- Scam: pressures you to act quickly or keep it secret.
- Scam: only accepts cryptocurrency, gift cards or international bank transfers.
- Scam: relies on screenshots of returns instead of regulated statements.
Where to report
- Scamwatch — Report a scam
- ASIC Investor Alert list (Moneysmart)
Check whether a company is already flagged.
- ReportCyber