Investment scams are more sophisticated than ever. They're designed to look legitimate — and they target people who are careful with money, not just those who aren't.
Here's what to watch for and what to do.
How it usually starts
You see an ad on social media for an AI investment, commodity trading (oil, gold) or crypto. You make contact, and someone calls you back quickly. You invest a small amount — and it seems to work. You might even withdraw some money early on.
That early success is deliberate. It's designed to build your trust before the real ask comes.
From there, you're encouraged to invest more — sometimes by taking out a personal loan. You may be coached to tell your bank or lender it's for something else ("home renovations", "a holiday"). This is a serious red flag.
Warning signs
Stop and get independent advice if any of these sound familiar:
You're told to lie to your bank or lender about what the money is for.
Communication moves to online calls early on, such as Google Meet, Teams, Telegram, or WhatsApp.
You never speak on camera — calls are audio only.
The person's accent or location doesn't match what they told you.
You're contacted frequently, including during weekends and late at night.
You try to withdraw your money, and there's always a reason why you can't.
You're asked to pay a fee (a tax, or compliance charge) to release your funds.
What to do if something feels off
Trust your instincts. If something doesn't feel right, pause. A real investment will still be there tomorrow.
Talk to someone you trust — a friend, family member, or financial adviser — before moving money.
Check if the company is registered. In Australia, financial services companies must be registered with ASIC. You can search for licensed providers and check and report scams at moneysmart.gov.au/check-and-report-scams.
Contact your bank before transferring large amounts, especially overseas or to a new payment service.
Reach out to Harmoney if someone is directing you on how to use your loan funds. We're here to help — not to judge.
Report it. If you think you've been targeted, report it to:
Scamwatch: scamwatch.gov.au
National Anti-Scam Centre (NASC): nasc.gov.au
Your local police
If you've already been scammed
This is not your fault. These scams are designed to deceive intelligent, cautious people.
Stop all contact immediately. Do not pay any more fees.
Be aware of recovery scams — people claiming they can get your money back, for a fee. They can't. This is another scam.
Tell your bank as soon as possible.
Report it to Scamwatch: scamwatch.gov.au
Get support. Beyond the financial loss, these experiences can be genuinely distressing. The following organisations offer free support:
MoneySmart — moneysmart.gov.au/check-and-report-scams
National Debt Helpline — 1800 007 007
Beyond Blue — beyondblue.org.au or 1300 22 4636
IDCare — a NFP that provides free advice and planning for scam victims — https://www.idcare.org
If you have questions or concerns about your Harmoney loan, contact our team through chat or call us on 1300 042 766