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Deepfake images lure investors to bogus stock clubs

The crypto boom has sparked a surge in social media swindles. Fraud is costing investors at least $25 million a week.

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Surging cryptocurrency prices are being used by scammers to lure local investors on to online “advice” and equity trading websites where they are stripped of their savings, say finance specialists.

Ray David, portfolio manager with Blackwattle Investment Partners, monitors the websites with his team to understand securities movements.

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Duncan Hughes is a Walkley award-winning personal finance reporter, based in our Melbourne newsroom. Connect with Duncan on Twitter. Email Duncan at duhughes@afr.com.au

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    Original URL: https://www.afr.com/wealth/personal-finance/the-crypto-investment-question-that-should-raise-red-flags-20240502-p5fodm