Alert

Investment scam linked to remote access

Aug 15, 2025

We’re aware of an investment scam doing the rounds that’s allowing scammers to gain access to people’s phones.

2 min read

An investment scam is doing the rounds that’s allowing scammers to gain access to people’s phones, and has prompted an investment scam warning by the Financial Markets Authority.

This scam is encouraging people to turn off their phone settings that prevent unsupported apps and software being installed, and then to download a malicious app.

  

What's happening

Scammers are setting up a series of WhatsApp groups, these appear popular, but are mostly filled with bots.  
 
They are sending bulk messages inviting people to join the WhatsApp groups. In these messages, the scammers often falsely claim to be an employee of a New Zealand bank, investment firm, or other financial service provider and share information about investment opportunities. 
 
People are encouraged to invite new recruits (often friends or family) and they receive rewards for each person they recruit.  
 
New Zealanders are being encouraged to download apps which require them to turn off their phone settings that prevent the installing of untrusted apps and software.  

 

What this means

Allowing the installation of untrusted apps onto your phone could give a stranger full access to your phone.   
 
Access could include remotely accessing your phone to control your camera, send messages and record conversations, install further applications, steal your personal (including contact list/messages) and banking information and view your images. 

 

What to look for

Be wary of any app which requires your settings to be changed to install something. 

Anyone asking you to turn on settings that allow for the installation of apps from unknown sources. These settings could look something similar to: 

  • ‘Install unknown apps’
  • 'Allow unknown sources'

Anyone asking you to install apps that do not come through official app stores eg: Google Play Store and iOS App Store. This could for instance could be someone asking you to install an app by scanning a QR code, clicking a link, or from a file they’ve shared in a group chat. 


What to do

Prevention:
  1. Don't turn on or allow your phone to install unknown apps. These will be disabled by default when you buy your phone.
  2. Don't allow anyone else to change settings,
  3. Don't let anyone convince you to change settings.
Mitigation:
  1. Back up important documents into a safe offline storage
  2. Factory reset your device in your phone settings
  3. Change the passwords on the reset device or on a known safe device.
  4. Check to see if there's any devices that don't belong to you logged in, in the account settings of the account (eg: Facebook). If there is, log out any devices you do not recognise.
  5. Turn on two-factor authentication
  6. If you think you have been affected or if you have been given a link/copy of a QR code, report to the National Cyber Security Centre (NCSC): Report an incident - individuals and small business(external link)

More information

Learn more about how to protect yourself against investment scams:  Protect against investment scams 

Learn more about this scam: Txex - WhatsApp educational and investment platform scam | Financial Markets Authority(external link)

Learn more about keeping your mobile phone secure: Keep your mobile phone secure