If you have lost money to a fraudulent trading platform, you are not alone. Scamwatch received over 80,000 investment fraud reports in 2025, with losses averaging A$10,000 per victim. The steps you take in the first 48 hours are critical. This guide explains exactly what to do, in what order, to give yourself the best chance of recovering your funds.
The moment you suspect a scam, stop transferring money. Do not respond to messages from the platform, their "account managers", or anyone claiming they can help you recover your funds if you pay more. Block all contact. Every additional payment makes recovery harder and emboldens the fraudsters.
Before you do anything else, gather all evidence. Take screenshots of the platform's website, your account dashboard, all transactions, email correspondence, WhatsApp or Telegram messages, and any phone numbers used to contact you. Save these to a secure location. This evidence is essential for every report you will make and for any chargeback or legal claim.
Call your bank's fraud department as soon as possible — use the number on the back of your card, not one given to you by the scammers. If you paid by debit or credit card, request a chargeback under Section 75 of the Consumer Credit Act (for credit cards over A$100) or the Visa/Mastercard chargeback scheme. If you sent a bank transfer, ask the fraud team to raise a recall request. Speed is critical — the longer you wait, the less likely the funds can be frozen.
Report the scam to Scamwatch, Australia's official scam reporting service operated by the ACCC, at scamwatch.gov.au or by calling 1300 795 995. You will receive a crime reference number — keep this safe as you will need it for other reports and any insurance claims. Scamwatch shares intelligence with the ACCC, ASIC and state police for analysis and action.
File a report with the Australian Securities and Investments Commission at asic.gov.au/about-asic/contact-us/how-to-complain . The ASIC can add the firm to their Warning List, which protects other investors, and may be able to assist in investigations. If the firm was impersonating an ASIC-licensed firm, the ASIC takes this particularly seriously.
If any legitimate regulated platform — such as a real bank or authorised broker — was used as part of the scam (for example, the scammers used a cloned version of a real firm), report this to the legitimate firm directly. They have obligations to investigate and may be able to assist with recovery.
The Australian Financial Complaints Authority (AFCA) can consider eligible complaints against member financial firms, including some disputes involving poor advice, disclosure or service failures. If you were deceived by a firm that was genuinely ASIC-licensed (not just cloned or impersonating one), you may be able to make a complaint at afca.org.au . Check eligibility carefully — most crypto and offshore scam platforms will not qualify.
After being scammed, many victims are targeted a second time by fraudulent "recovery companies" who claim they can retrieve lost funds for an upfront fee. This is almost always another scam. Legitimate legal professionals and Australian lawyers do not guarantee fund recovery and do not ask for large upfront payments. Before engaging any recovery service, check the ASIC Professional Registers and seek independent legal advice.
Chargeback claims typically take 6–8 weeks. Bank transfer recalls can be faster if acted upon within 24 hours. ASIC and Scamwatch investigations can take months or years and do not guarantee individual compensation. The most realistic route to recovery for most victims is the chargeback process combined with a Section 75 claim for credit card payments.
Risk Warning: Trading and investing carries significant risk. Your investments can fall as well as rise. CFDs carry high risk of rapid loss due to leverage. Cryptocurrency is not ASIC-regulated and not covered by AFCA. This is information only, not financial advice. Seek independent advice before investing.
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