Financial Markets Authority

16 December 2024 YouTube cryptocurrency investment scam SHARE THIS The FMA is aware of an investment scam which is using YouTube channels to promote fake crypto investment websites. The FMA reminds the public to always use the Financial Service Provider Register (FSPR) to check if a trading platform is registered to provide financial products and services to New Zealand. View the Financial Service Providers Register (FSPR) How the scam works The scammers post videos on YouTube or other social media platforms offering crypto “tips” and trading advice. These YouTube channels invite viewers to join private WhatsApp or Telegram groups for discussions on crypto investments. Prize offers and gifts are used to encourage viewers to join up. Scammers may also encourage viewers to comment on their videos. This can give the scammers access to viewers’ contact details, which then lets the scammers approach viewers directly via WhatsApp or Telegram. Once the user has accepted a WhatsApp or Telegram invite, scammers present themselves as an investment ‘expert’, ‘mentor’ or ‘coach’, and start offering investment advice. The scammer will make unrealistic promises about these crypto investments, for example “earn above $2000 - $7000 daily on crypto” or “avoid risks and generate profit... within three days”. The scammer will introduce the user to a fake investment platform. These fake platforms may imitate well-known cryptocurrency exchanges. The scammer will then coach the user through investing. Often, they will first encourage their victim to invest a small amount of money. They are then told they’ve earned big profits and encouraged to invest even more money. When the victim asks to withdraw their funds, they are told they must first pay a fee to release the money; even if these fees are paid, no money is paid out. If you come across these videos, or investment platforms like this, or you’re added to unknown group chats, don’t engage with them and don’t give out any personal information or identity documents. View our warning about an earlier version of this scam, which used ads on social media platforms to link customers to WhatsApp groups. What to do if you think you have been scammed Stop all contact with the scammer and don’t send any money. Report the videos to YouTube, report any advice groups to WhatsApp or Telegram, and block the scammer on all your devices. Contact your bank immediately. Ask if a transaction reversal is possible. If you sent money using another payment service provider, ask them to trace the funds. If you are getting spam emails and text messages, report these to the Department of Internal Affairs. Tell a trusted relative or friend what has happened. They may help you see the situation more clearly, help you deal with the scammers, and suggest what to do next. If you need emotional and practical support or information you can Contact Victim Support on 0800 842 846. Websites to be wary of bi-investments.com phoenix-trades.com bricsinvestlimited.com binaryinv.ltd tradesmartsignals.com phoenixtradesinc.com binaryinvestments.ltd drettcapitals.com fibotracemarket.com bdswisstrades.com global-throne.org sonicbullmarket.com changefrontierllp.com retrocapitals.com profitingmarkets.com apexpointmarket.org bit-fountain.net stockdexx.org capttradingpartnersll.com remtrade.net stockluminator.com polychainfinance.com asset-maestro.com fxzmglobalcolt.com astute-holdingsllc.com omnistocktrade.com growthpointsllc.com bitmaxforextrading.com cryptonextrade.com wallsttrades.com matrixndx-mining.com corecapitals.com nerocommerce.com hubstradelimited.com mail.smartedge-asset.com simplefxtradingcrypto.com aitradecaptlt.com greengrowthinvestment.com peaktradeempire.com conceptradeltd.com goldenseveninv.com sumitcrest.com apexratecapital.com alphaswingmarket.com topfusiontrades.com obacoinex.com pocketmass.com bitstockassets.com primetradeslive.com