Financial Markets Authority

07/03/2024 | Press release | Distributed by Public on 07/02/2024 18:06

Fake Celebrity Investment Scam – Multiple trading platforms

  • The scammer creates an advertisement on a social media platform featuring a fake news article, appearing to be from a reputable New Zealand media platform. The ad includes the picture of a New Zealand celebrity with an attention-grabbing headline. The ad does not at first glance appear to be about investing.

  • Clicking on this ad leads to a fake news article on an imposter website designed to look like a reputable New Zealand news platform. This article describes an interview with the celebrity where they discuss making big profits using a certain investment platform.

  • The article contains a link to the website of an investment platform - often trading cryptocurrencies or foreign exchange - where people are asked to register for an account and provide contact details.

  • After providing this information, a call is received from someone claiming to be a broker or a financial adviser instructing the person to make a payment of $250 USD or €250.

  • They may instruct the person to download remote access software such as "AnyDesk" so the fake adviser can "help" with the investments.

  • The scammer will transfer "profits" to the victim's bank account giving a false impression of legitimacy.

  • Instructions are then made to make higher investments, and dashboards are provided tracking these apparent investments.

  • When the victim asks to withdraw funds, they are told they must first pay a high fee to release the money. But even if these fees are paid, no money is returned.