An Australian woman has lost $670,000 on a convincing online scam featuring bogus backing from Andrew ‘Twiggy’ Forrest.

The West Australian woman was scammed out of the hefty sum through an online bitcoin trading scheme that featured a fake endorsement from mining billionaire Andrew Forrest.

The woman found the scheme advertised via fake ads on Linkedin and Facebook.

Deborah Knight says she has seen the ads and they look real and legitimate.

Delia Rickard, the deputy chair of the ACCC tells Deborah Knight the scam is abhorrent and shocking, yet doesn’t surprise her.

“They are becoming much more sophisticated, they are extremely good at replicating anything.

“We continue to raise these scams with Facebook. Some come down, some don’t.

“And in the meantime, people are continuing to lose money… it’s a shocker.

Click PLAY below to hear the full interview