07/10/2026
Scammers are targeting Australians with fake stock tips that look completely legitimate. They use real company names, real logos and even impersonate well‑known financial experts to build trust. The goal is to push people into WhatsApp or Telegram groups where they are pressured to buy shares.
The trap is a classic pump‑and‑dump. Victims buy real stocks through real brokers, which pushes the price up. Once enough people have invested, the scammers sell their own shares and the price collapses. Ordinary Australians are left holding stocks worth a fraction of what they paid.
Older Australians are being hit hardest. Scamwatch data shows people aged 65 and over make up about 17.1 per cent of the population but account for 26.5 per cent of reported losses. Many victims describe the emotional toll as just as severe as the financial loss.
A few things to keep in mind:
- Never act on stock tips from WhatsApp, Telegram or social media
- Genuine investment advice never comes from strangers online
- Check whether the person or company is licensed
- Slow down if a deal feels urgent or unusually profitable
- Talk things through with a trusted family member or licensed adviser
Read more here: https://www.yourlifechoices.com.au/finance/when-a-fake-stock-tip-wipes-out-your-savings-the-scam-fooling-smart-australians/?utm_source=campaign-monitor&utm_medium=email&utm_campaign=daily-newsletter
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ASIC warns that pump-and-dump scams are targeting older Australians through fake celebrity endorsements and WhatsApp groups, with investment scam losses hitting $837.7 million in 2025. Image Source: Natee K Jindakum / Shutterstock