Messaging app investment groups and fake trading platforms

How the scam works

1. 01

   An invitation arrives to join a messaging group promising trading signals, mentoring or access to a successful investor.

2. 02

   Group members, many of them controlled by the fraudsters, post screenshots of large returns to build confidence.

3. 03

   The investor is directed to a trading website or app, often recently created, which displays their deposit growing rapidly.

4. 04

   A small early withdrawal may be allowed. When the investor tries to withdraw more, they are told to pay a tax, fee or deposit first, and the money is never released.

Warning signs

• Unsolicited invitations to investment groups on WhatsApp, Telegram or social media.
• Payment requested in cryptocurrency or to a personal bank account.
• A trading platform with a newly registered website and no FCA authorisation.
• Any fee, tax or deposit demanded before you can withdraw your own money.
• A request to install remote access software such as AnyDesk or TeamViewer.

How MetaAshes helps you check

A MetaAshes assessment examines the details a firm has given you against the official record. For this type of fraud, the most relevant checks include:

• Domain registration age
• Website operating history
• Regulatory status of the product
• Payment method
• Withdrawal and release fees
• Remote access requests
• Authenticity of representatives

View all 58 checks

If you have already sent money

1. Contact your bank immediately and explain that you may have been defrauded.
2. Report it to Action Fraud on 0300 123 2040.
3. Report the firm to the Financial Conduct Authority.
4. Be wary of anyone who later offers to recover your money for a fee.