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Investment scams are growing in popularity as there has been an explosion in interest in investing and cryptocurrency during the past few years. Know the red flags of investment scams to protect yourself from investment opportunities that are just too good to be true!

How Investment Scams operate:

• Scammers approach you via social media, a dating website, text messaging, email, or through a compromised social media account of a friend and gain your trust

• • There are 4 common ways this is done
    • A new romantic partner
      
      • A new love interest you met online may ask you to start investing with them or refer you to one of their friends who is involved in cryptocurrency investing
    • A new business offer
      • You are approached by a broker or crypto trader out of the blue and offered a new investment opportunity
    • A phishing advertisement 
      • Seemingly real ads that request your information can lead to fraudsters reaching out to you offering a new investment opportunity
    • A friend approaches you on social media
      • When people's accounts are compromised, the criminals will start talking to connections on the compromised accounts to try and lure them into investing 

• The scammer offers an incredible new opportunity to invest your money
• They then convince you to send cryptocurrency to a wallet address under the premise you are adding funds to your investment portfolio
• The scammer reports that your funds are growing steadily and you have made massive gains and try and entice you to invest more
• Once you try to get your profits, the scammer asks for more money to cover fees or taxes 
• Once you send more money, another issue is encountered and your funds cannot be retrieved for whatever reason 
• The scam ends with the scammer cutting off contact and making off with all the money you thought you had invested

How to protect yourself from Investment Scams:

• Be sure to thoroughly research the company that is offering an investment opportunity
• Know the conditions of cryptocurrency transactions - they are nonrefundable and irreversible, even in the case of frauds and scams
• If a friend reaches out to you about an investment opportunity over social media, speak with them in person about it - not over text, email or the phone - it's possible their account has been compromised 
• Do not send money of any sort to a new acquaintance you met on social media or a dating website
• Only send cryptocurrency to your own personal wallet that you are the sole controller of
• Do not respond to people reaching out to you via social media about investment opportunities, do your own research

If you believe you are facing an Investment Scam:

1. Stop sending money – The funds you have sent have not been invested anywhere and are not growing.
2. Do not send more money to try and access your funds.
3. Do not use crypto wallets that were set up for you - only use your own.
4. Never share personal or financial information – it can provide access to your personal computer and accounts.

If you are a victim of a scam:

See our guide on what to do if you are the victim of a scam / fraud.

More information regarding Investment Scams: 

Serious Fraud Office - Investment Scams