SCAM ALERT

Scam alert: Fake WhatsApp groups use Paul Clitheroe's name

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Australians are being targeted by a growing wave of WhatsApp and social media scams falsely using trusted media brands and finance expert Paul Clitheroe to lure victims into fake investments.

Money has been alerted to multiple cases where its name and Clitheroe's identity are being misused to promote so-called "hot stock tips" in messaging groups.

Clitheroe has issued a clear warning.

paul clitheroe has warned that whatsapp groups bearing his name and face are scams

"I am absolutely not in any WhatsApp group share tipping," he says. "Scams are everywhere."

The alert comes as ASIC warns these groups are increasingly being used to funnel users into fake crypto trading platforms that can wipe out savings.

Fake platforms that look real

These scams are built to appear legitimate.

Fraudsters mimic well-known brands and personalities to build trust, then direct users to investment platforms that appear to show live trading and strong returns.

But ASIC says the activity is entirely fake.

There is no real trading taking place. Any money deposited goes straight to scammers.

Victims are often told they must pay extra fees to withdraw their funds. In reality, these payments also go to scammers, and no money is ever returned.

Some are then targeted again through so-called recovery scams, where fraudsters promise to help recover losses, for a fee.

How the scam unfolds

These scams typically follow a clear pattern:

  • Social media ads or posts promise lucrative stock tips
  • Users are invited to join WhatsApp or messaging groups
  • Scammers impersonate trusted brands or well-known figures
  • Members are directed to a specific trading platform
  • Fake profits are shown to build confidence
  • Attempts to withdraw funds trigger demands for more money

ASIC has also warned these groups can be used to coordinate illegal pump and dump schemes targeting retail investors.

Younger investors particularly exposed

ASIC research suggests younger Australians are especially vulnerable to these tactics.

A Moneysmart survey of people aged 18 to 28 found that 23% own crypto assets and 66% take a short-term, speculative approach.

A third trade based on social media influencers, while 72% have seen crypto ads on social media, and 41% have been approached directly about crypto investing.

The data highlights how easily scammers can reach new investors through digital platforms.

Red flags you should not ignore

Consumers are being urged to watch for warning signs, including:

  • Unsolicited invitations to messaging groups
  • Claims of guaranteed or unusually high returns
  • Pressure to act quickly
  • Requests to transfer money to unfamiliar platforms
  • Demands for fees to access or withdraw funds

If something feels off, it probably is.

How to protect yourself

ASIC's advice is simple:

STOP
Do not share personal or financial information or act on unsolicited investment advice. Avoid rushed decisions.

CHECK
Verify whether the provider is legitimate. Check ASIC registers and the AUSTRAC Virtual Asset Service Provider Register. Search for warnings online.

PROTECT
Act quickly if something feels wrong. Contact your bank immediately if money has been sent and report the incident.

What to do if you see a fake group

If you come across one of these groups, do not respond or engage, or share personal or financial information.

Report the group in WhatsApp by tapping the group name and selecting "Report group", then report the scam to Scamwatch

Money is urging readers to act.

If you see its name or branding being misused, report it. Each report helps limit the reach of these scams and protect others.

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Sharyn McCowen is Money's digital editor. She has a Bachelor's degree in journalism from Charles Sturt University, and more than 18 years of experience in media. Sharyn has won four ACPA awards for journalism, and edits the Money newsletter, which was a finalist at the 2025 Mumbrella Publish Awards. Connect with Sharyn McCowen on LinkedIn.
Comments
Mike Richards
May 28, 2026 11.10pm

You are forgetting the first rule in all of this.

"If anyone really knew that a stock was going to go up so much, let alone had an idea it might...why on earth would you tell anyone else ?"

I wouldn't. No one would. I'd buy as much of it as I could while no one knew about it and wait for my investment thesis to play out in the meantime.

Even if it was legitimate, you still run the risk of a 'pump and dump', just like meme stocks. No one rings a bell when people decide to take profits or just de-risk their overweight position. Ever seen "Boiler Room" or read "Liars Poker" ?

And on the other side of that, you have institutional short sellers, who can easily crush any retail investor's long position by sheer weight of money, even in good companies. The sharemarket arena is cutthroat, don't ever forget that; retail investors too often have the footprints of institutional ones across their backs, the latter would cut your legs off to make a dollar if they could. There are no morals out there.

Besides, there is NEVER "a sure thing" in the stockmarket; even when companies have done well or done badly during reporting season, overall sentiment can still deliver unexpected results because it wasn't as good (or as bad) as people thought.