The Australian Competition & Consumer Commission (ASIC) is asking the public to report suspicious Facebook cryptocurrency ads.

The ACCC is aware of advertisements on Facebook about cryptocurrency products featuring the name or image of an Australian public figure. These advertisements might look like articles or posts in your Facebook newsfeed.

The regulator is concerned that the advertisements may be false or misleading.

If you see one of these advertisements on Facebook, please take a screenshot and submit it to the ACCC via the link on this page. Make sure that your screenshot includes the name of the advertiser at the top of the article or post.

The Australian Securities and Investments Commission (ASIC) has recently noted that, during COVID-19, it has seen an increase in reports from consumers losing money in crypto-asset scams. Reports of misconduct received by ASIC from March to May 2020 are up 20% compared to the same period last year.

Investors who have been scammed are typically called or emailed by scammers with an investment opportunity, or approached by their friend, family member, or online romantic partner who tell them how they have made money online and suggests that they try it too. Investors typically sign up to ‘crypto-asset trading’ online and deposit funds into a trading account, either via a crypto wallet or bank account.

When the consumer asks to withdraw their funds, bitcoin scammers either cease all contact, or demand further payment before funds can be released. Often scammers are also seeking to mine personal information from victims to engage in identity fraud.