How to Avoid Crypto Scams in Australia (2026)
Australians lose hundreds of millions of dollars to crypto-related scams every year, and the tactics keep getting more sophisticated. The good news: almost every scam relies on one of a handful of well-worn tricks. Learn the patterns and you’ll spot them early. To verify a specific platform or report a scam, see our scam alerts page, which links the official ASIC, Scamwatch and AUSTRAC tools.
The scams targeting Australians right now
Fake investment platforms. A slick website or app promises high, “guaranteed” returns. Your dashboard shows your balance growing — but the numbers are fake, and when you try to withdraw you’re told to pay a “tax” or “fee” first. Real investments never guarantee returns, and legitimate platforms never ask you to pay a fee to access your own money.
Pig-butchering (relationship scams). A stranger builds trust over weeks on a dating app or via a “wrong number” text, then gradually introduces a crypto “opportunity.” The emotional relationship is the setup; the investment is the trap.
Impersonation and giveaways. Scammers pose as banks, the ATO, exchange “support,” or celebrities, often with a fake “send 1 ETH, get 2 back” giveaway. No legitimate giveaway asks you to send crypto first.
Recovery scams. After you’ve been scammed, a second scammer contacts you claiming they can recover your lost funds — for an upfront fee. It’s a scam preying on victims of the first one.
Fake apps and phishing. Cloned wallet or exchange apps, and phishing links that mimic a real login page, exist to steal your password or your wallet’s recovery phrase.
The rules that keep you safe
Guard your recovery phrase above all else. Your wallet’s 12- or 24-word seed phrase is the master key to your crypto. No legitimate person, exchange, or “support agent” will ever need it. Anyone who asks is a scammer. Store it offline, never as a photo or in a cloud note. Our wallet reviews explain how self-custody works.
Verify the platform. Only use exchanges that are AUSTRAC-registered — it’s a legal requirement in Australia, and unregistered platforms are a major warning sign. Check our independent exchange reviews before signing up, and type URLs yourself rather than clicking links from emails or ads.
Distrust guaranteed returns and urgency. “Guaranteed profit,” “risk-free,” and “act now before you miss out” are the three most reliable signs of a scam. Real crypto is volatile; anyone promising certainty is lying.
Turn on real 2FA. Use an authenticator app (not SMS, which can be SIM-swapped) on your exchange and email accounts, and use a unique password for each.
Move serious holdings to self-custody. Funds in your own hardware wallet can’t be frozen or drained by a compromised exchange account — though you must still protect the recovery phrase.
Never let anyone remote into your device. “Support” that asks to install AnyDesk or TeamViewer to “help” you is taking control to drain your accounts.
If you think you’ve been scammed
Act quickly. Contact your bank or exchange immediately to try to stop or trace transfers, change your passwords, and report it to Scamwatch (run by the National Anti-Scam Centre) and, if it involves an exchange, to the platform. Be especially wary afterward of anyone offering to “recover” your funds — that’s almost always a follow-up scam.
The one-line summary
Slow down. Scammers rely on speed, secrecy and emotion. If an opportunity is urgent, guarantees returns, or requires your recovery phrase or an upfront fee, it’s a scam — every time.
General information only, not financial advice. If you’re unsure about a platform or offer, check it against official resources such as Scamwatch and ASIC’s Moneysmart before sending any money.
General information only — not financial or tax advice. Verified 2026-07-31; details can change.