- Victim loses over $10 million to celebrity endorsement investment scam
- Incident helps propel total investment scam losses since 2024 to over $30 million
- Crypto trading scams promising quick riches also take a heavy toll
Western Australians have lost more than $30 million to investment scams since the start of 2024, with a staggering $10 million loss attributed to a single scam involving fake celebrity endorsements.
According to WA ScamNet figures, in 2024 alone, 76 victims reported handing over nearly $19.4 to fake investment schemes – adding to the $10.8 million siphoned from 48 victims so far in 2025.
Driving the massive financial toll were numerous large-scale scams, including an astonishing loss of more than $10 million from a single victim lured by a fake online celebrity endorsement video. Starting with a small payment and personal identification details for ‘account setup’, scammers gained the victim’s trust through some financial returns and gifts. They then aggressively demanded larger and larger payments in a combination of cryptocurrency and direct bank transfers to pay for fictitious ‘fees’ and ‘taxes.’
Commissioner for Consumer Protection Trish Blake highlighted the strategic use of celebrity imagery by these scammers.
“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 said.
“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.”
Another investment scam causing distress in 2024 and 2025 was fake cryptocurrency trading, with victims believing they were investing in ‘low risk, high return’ schemes.
Beyond fake crypto trading apps and websites, WA ScamNet has observed a rise in scammers infiltrating legitimate platforms, posing as genuine operators to sell fraudulent coins or deploying 'mystery coins' that, when sold, drain wallets of legitimate currency. Crypto scammers may also request money be sent through crypto ATMs or digital payment services available at local newsagents.
“Crypto scammers thrive on market complexity, using confusion and fake ‘insider knowledge’ to trick you,” the Commissioner said.
“By posing as trusted advisors, 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.”
Ms Blake also warned about the risk of scammers returning for a second strike.
“After falling victim to an investment scam, many are again approached by so-called ‘recovery experts’, claiming they can retrieve lost funds. These follow-up scams prey on hope and desperation, and can lead to even greater losses,” she said.
More information on investment scams and investing safely can be found on ASIC’s Moneysmart website.
Further information about other scam types impacting Western Australians last year is available in the WA ScamNet Year in Review 2024 report on the WA ScamNet website, where scam reports can also be lodged.
Media Contact: cpmedia@lgirs.wa.gov.au