‘Entice victims with rapid wealth’: Scammers’ | Australian Markets

Australians are falling sufferer to a specific sort of rip-off that has already value these being duped in a single state $10m because the begin of the 12 months.

WA ScamNet determine exhibits Australians are more and more being scammed by faux superstar endorsements.

Since the beginning of 2024, there have been 76 West Australian victims who’ve reported handing over almost $19.4m to faux scams.

In 2025, scammers have siphoned $10.8m from 48 WA people who’ve been fooled.

Consumer Protection commissioner Trish Blake identified that scammers have been getting higher at utilizing superstar photos to dupe susceptible Australians.

“The use of celebrity images, increasingly in deepfake videos, to endorse investment schemes is a deliberate tactic by scammers to fabricate legitimacy and entice victims with promises of rapid wealth,” Ms Blake stated.

From there, they ask for small funds and a few personal identification particulars to set up an account.

The scammers will give small returns and presents to gain the trust of the goal.

Once they’ve gained the sufferer’s trust, the scammers demand bigger and bigger funds via cryptocurrencies and direct bank transfers to pay for fictitious charges and taxes.

“Being told to deposit more money to access your funds, citing taxes or other fees is a major red flag of an investment scam, so too are pressure tactics like being told your account will be frozen if you don’t invest more,” Ms Blake stated.

Ms Blake warned that scammers have been additionally returning for a second strike on victims.

“After falling victim to an investment scam, many are again approached by so-called ‘recovery experts’, claiming they can retrieve lost funds,” she stated.

“These follow-up scams prey on hope and desperation and can lead to even greater losses.”

Another method scammers are ripping off WA victims is thru faux cryptocurrency trading, which is offered as low risk and high returns.

“Crypto scammers thrive on market complexity, using confusion and fake ‘insider knowledge’ to trick you,” Ms Blake stated.

“By posing as trusted advisers, they call their victims regularly, offering to set up their trading profiles to gain access to devices while manipulating them into handing over their superannuation to invest.

“If you’re curious about crypto, protect yourself by conducting thorough independent research – investigate tokens and exchanges online, read websites critically, and be highly suspicious of promises of high returns with low risk.”