Crypto scams are becoming increasingly sophisticated, with fraudsters continually devising new methods to deceive people out of their money.
What we are seeing
Our team has intercepted an increased number of potential scams.
They work like this:
The scammers, typically based overseas in places like Cyprus, get you to invest a smaller amount of personal money;
They show you massive returns and often allow you to withdrawal some profits;
You're encouraged to set up an SMSF, and they coach you on what to say to legitimate businesses like Grow, ANZ and cryptocurrency platforms.
After you send large amounts of crypto to them, they make it appear they're trading on your behalf, but if you request your money to be returned they lock you out of your account.
The scam operators use names like MelbourneFX, SydneyFX, UnlimitedFX and similar.
Grow has no relationship with any of the above operators.
We have become aware that they are using Grow's brand and reputation in an attempt to legitimise their scam activity.
Never send your crypto to someone else
Grow supports customers who want to hold cryptocurrency as a legitimate part of their SMSF investment strategy.
We can also accommodate people who want to self-custody their SMSF-owned cryptocurrency, provided SMSF compliance obligations are met.
Crypto transactions are final
Unlike credit cards or bank transfers, crypto transactions cannot be reversed once they are sent.
If you send crypto to a scammer, you will not be able to recover it. That’s why prevention and caution are your best protection.
If you've been scammed
These scam operators are very sophisticated. They know how to overcome objections and build your confidence enough to make you send them large amounts of money.
If you believe you are being targeted by a scammer or if you have been scammed, please reach out to our team.
We are here to help you, without judgment or bias.