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CommBank support / CommBank Safe / Crypto scams

What’s a crypto scam?

  • A crypto scam is a type of investment scam. Scammers target potential investors to download and ‘invest’ through fake crypto trading apps and fraudulent websites.

    Interest in cryptocurrencies is increasing and we’re seeing a growing number of customers losing money to cryptocurrency scams.

    Cryptocurrencies can be quickly moved around the world anonymously, making it a preferred payment method for scammers. Once it’s lost, it can’t be recovered.

How to spot a crypto scam

These are all signs of a crypto scam:

  • Investments promoted through social media, including paid ads online
  • Claims of highly profitable trading systems relying on AI or algorithms
  • Celebrity endorsements, which are often fraudulent
  • Low-risk and high-return opportunities
  • Very convincing brokers who ask you to withhold information from your friends, family or bank

Remember that cryptocurrencies are volatile and risky investments that require careful research. Don’t invest more than you can afford to lose and always keep your crypto wallet secure.

How to spot a crypto scam

These are all signs of a crypto scam:

  • Investments promoted through social media, including paid ads online
  • Claims of highly profitable trading systems relying on AI or algorithms
  • Celebrity endorsements, which are often fraudulent
  • Low-risk and high-return opportunities
  • Very convincing brokers who ask you to withhold information from your friends, family or bank

Remember that cryptocurrencies are volatile and risky investments that require careful research. Don’t invest more than you can afford to lose and always keep your crypto wallet secure.

How to protect yourself

  • Keep your cryptocurrency wallet secure and in your control

    • Ensure the confidentiality of your digital wallet, like your bank account and never give out your passwords or security codes

    × Ignore requests to move your crypto to a trading platform or third-party wallet. Once it leaves your digital wallet it’s no longer in your control and can’t be reversed

  • Do your homework

    • Speak with trusted family members or friends who can help you understand if a potential crypto investment is legitimate
    • Conduct thorough research from reputable sources, such as ASIC’s Moneysmart website. Keep an eye on our latest security alerts page to check if we’ve already identified it as a scam.

    × Don’t be pressured to act fast. Cryptocurrencies are complex by nature and scammers will use this to confuse and convince you that they have insider market knowledge.

  • Be wary of initial coin offerings (ICOs)

    An initial coin offering is a way for a new crypto project to raise funds from investors by selling tokens or coins that represent a share of the project. However, some ICOs are fraudulent and once they collect enough money from investors, they disappear with the funds and leave behind worthless tokens. 

    • Check the credibility and reputation of the ICO platform and the token issuer. Look for reviews, ratings, feedback, and complaints from other investors.

    Be careful of ICOs that:

    × Promise unrealistic returns

    × Have vague or unrealistic goals 

    × Have no clear use case for their tokens

    × Pressure you to invest quickly or capitalise on discounts or bonuses for early investors

    If something feels odd, remember to stop, check, and reject.

How we’re keeping you safe from crypto scams

We may limit the amount you can pay to certain accounts or merchants, for example those we believe to be associated with cryptocurrency exchanges, to help protect you from crypto scams.

Changes to crypto and other payments

Been scammed? What next?

  • Get in touch

    If you (or someone you know) is a CommBank customer and has been targeted or lost money as a result of being scammed, contact us.

  • Report it

    Report the scam via the Australian Cyber Security Centre. Reports may be referred to the police for possible investigation.

  • Take control and stay protected

    Change your passwords and PINs straight away if you suspect your security has been compromised. Change these regularly as a preventative measure.

  • Seek support

    Contact IDCARE on 1800 595 160. IDCARE is a free, government-funded service that provides support to victims of identity crime.

    Visit the ScamWatch website for more information on scams.

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