What is happening
Scammers set up friendly WhatsApp groups about things like fishing or sport, then bring in a fake 'professor' or expert who promotes a trading platform. Your account seems to grow, but when you try to take money out you are asked for more fees. Some schemes spread through friends and family who are paid to recruit others, and some use fake news pages, such as a copy of a Reuters webpage, to make the platform look safe.
What it can look like
Welcome to the group! Our professor shares free trading tips every day. Members made 20% last week. Message me to open your account.
A made-up example. Real messages vary.
The warning signs
- You are added to a group you did not ask to join
- You are pushed to invest quickly
- Returns are promised, or look unusually steady
- A celebrity or news article seems to back the investment
- You are offered commission for signing up other people
- You must pay a fee before you can withdraw your money
What to do
- Stop before sending money, especially if you feel rushed
- Check that the adviser or firm is properly licensed with the official regulator
- If you think you have been scammed, contact your bank straight away
- Report the scam to the authorities
Already paid or shared your details?
- Call your bank straight away, using the number on your card.
- Change any passwords you shared, starting with your email.
- Report it (see below).
- Tell someone you trust. Scams catch careful people too.
United Kingdom
Report fraud at reportfraud.police.uk or call 0300 123 2040. In Scotland, call Police Scotland on 101. Forward scam texts to 7726 and scam emails to report@phishing.gov.uk. Call 159 to reach most UK banks.
United States
Report it at ReportFraud.ftc.gov. Forward scam texts to 7726.
Canada
Report it to the Canadian Anti-Fraud Centre on 1-888-495-8501. Forward scam texts to 7726.
Australia
Report it at scamwatch.gov.au. If you lost money, report it to the police at cyber.gov.au and call IDCARE on 1800 595 160 for free help.
Anywhere else
Report it to your local police or your national fraud reporting service.
Sources
- Scam alert: Investment scams hiding in plain sight
Scamwatch (National Anti-Scam Centre, Australia) · 2026-09-28
We summarise warnings published by the organisations above. If something here is wrong, tell us and we will correct it.