According to the Australian Securities and Investments Commission (ASIC), scammers are using communication groups such as WhatsApp to attract retail investors with claims of stock tips, crypto trading strategies, and other false pretenses, then guiding users to fake crypto trading platforms. ASIC states that these platforms display forged trading data, account balances, and profit records, but the funds deposited by users do not go into real investments; instead, they are directly diverted to the scammers. If victims apply for withdrawals, the scammers will continue to demand fees under the guise of "unlocking funds" or "releasing profits." ASIC also warns that some scams impersonate "fund recovery services" to further exploit users who have already been manipulated into pump-and-dump schemes or investment scams.