What are the red flags of this scam?

A social media post or ad uses the name or image of a recognisable Australian finance commentator to invite you into a private WhatsApp or Telegram investment group • The group provides stock tips urging you to buy a specific share 'before the price rises' — real licensed advisers are never this urgent • The early tips appear to produce small gains — this is a deliberate trust-building phase before the organiser pushes a larger buy • Members are pressured to invest significantly more on a 'major catalyst' after early wins • You cannot find the group administrator on ASIC's financial adviser register at moneysmart.gov.au • After buying in on the final large tip, the share price briefly rises then rapidly collapses and group members become unreachable

What should I do if this happened to me?

Leave any WhatsApp or Telegram investment group that recommends specific stocks, especially if you joined after seeing a social media post — ASIC says to assume it is a scam • Verify any investment adviser on ASIC's register at https://moneysmart.gov.au/financial-advice/financial-advisers-register before acting on their advice • Never invest because of urgency pressure from a messaging group — real investment opportunities do not disappear in hours • If you have already bought shares on a tip from such a group, contact your broker before selling; ASIC or your broker may be able to advise on the stock's regulatory status • If you lost money, report to ASIC at https://report.asic.gov.au — ASIC is actively investigating ASX pump-and-dump operations • Report to Scamwatch at https://www.scamwatch.gov.au/report-a-scam or ReportCyber at https://www.cyber.gov.au/report.

HIGH investment Last reported: 6 Oct 2026 Share

A WhatsApp or Telegram 'investment group' gives stock tips — then the organiser sells while you're still holding

Q: Is this a scam?

Yes. This is a documented scam pattern. A WhatsApp 'investment group' impersonating finance commentators pushes you to buy specific ASX shares. Coordinated buying inflates the price; the organiser dumps before it crashes. A 70-victim support group estimated $7M combined losses. ASIC issued warning 26-157MR.

A WhatsApp 'investment group' impersonating finance commentators pushes you to buy specific ASX shares. Coordinated buying inflates the price; the organiser dumps before it crashes. A 70-victim support group estimated $7M combined losses. ASIC issued warning 26-157MR.

Also known as: pump and dump WhatsApp scam Australia, stock tip WhatsApp group scam, ASX pump and dump scheme, fake finance commentator WhatsApp group, ramp and dump scam Australia, messaging group stock tip fraud

Already happened to you? Do this in the next few minutes

1 Call your bank or card's fraud line right now. Use the number on the back of your card — not any number from the message or caller. Ask them to stop or reverse the payment and freeze the account.
2 If you paid by gift card, wire, or an app (Zelle, Venmo, Cash App): contact that company immediately and report it as fraud. Acting fast sometimes recovers the money.
3 Report to the FBI at ic3.gov and the FTC at reportfraud.ftc.gov. The sooner, the better.

What to do right now

1 Leave any WhatsApp or Telegram investment group that recommends specific stocks, especially if you joined after seeing a social media post — ASIC says to assume it is a scam
2 Verify any investment adviser on ASIC's register at https://moneysmart.gov.au/financial-advice/financial-advisers-register before acting on their advice
3 Never invest because of urgency pressure from a messaging group — real investment opportunities do not disappear in hours
4 If you have already bought shares on a tip from such a group, contact your broker before selling; ASIC or your broker may be able to advise on the stock's regulatory status
5 If you lost money, report to ASIC at https://report.asic.gov.au — ASIC is actively investigating ASX pump-and-dump operations
6 Report to Scamwatch at https://www.scamwatch.gov.au/report-a-scam or ReportCyber at https://www.cyber.gov.au/report.

Red flags

⚠ A social media post or ad uses the name or image of a recognisable Australian finance commentator to invite you into a private WhatsApp or Telegram investment group
⚠ The group provides stock tips urging you to buy a specific share 'before the price rises' — real licensed advisers are never this urgent
⚠ The early tips appear to produce small gains — this is a deliberate trust-building phase before the organiser pushes a larger buy
⚠ Members are pressured to invest significantly more on a 'major catalyst' after early wins
⚠ You cannot find the group administrator on ASIC's financial adviser register at moneysmart.gov.au
⚠ After buying in on the final large tip, the share price briefly rises then rapidly collapses and group members become unreachable

Already happened to you? Do this in the next few minutes

What to do right now

Red flags

Sources