Charlie Scott, 18, died after falling from the balcony of the Hilton Hotel at about 2.30am on Friday.
The teen, from Montmorency, northeast of Melbourne, had been celebrating Schoolies when the incident occurred.
Police confirmed his death wasn’t being treated as suspicious.
Over the weekend Mr Scott’s sister, Holly Scott, took to Facebook to warn people that a fake donation page had been set up under her name.
The crowd-funding campaign was set up on GoGetFunding and claimed to have been started by Ms Scott to raise money for her brother’s funeral.
“Hey guys, I’m just informing you all that this go fund me (sic) page is NOT me,” Ms Scott wrote on Facebook
“I have no idea who you are but please deactivate the account immediately. Please be careful and don’t be fooled this account is a scam.”
Replying to one of the comments on the post, she added: “I just can’t believe someone would put it under my name, (it) is so disgusting.”
Social media users were quick to condemn the scammer and offer their condolences to Ms Scott and her family.
“This is disgusting!! I’m sure there is a special place in hell for these animals masquerading as human beings, low and shameful,” one person wrote.
“This explains why the donations keeps changing on it. I thought it was a bit odd. What a horrible thing for some one to take advantage of,” another said.
One added: “Absolute scums. Sending love to you & your family”.
The fundraising page has since been removed.
Earlier, Ms Scott made another Facebook post thanking everyone for all the support she and her family had received since her brother’s death.
“We want to thank our family and friends for being there and helping us from this difficult time,” she wrote.
She thanked Mr Scott’s friends, classmates, the cricket and football club and the community for reaching out to the family and offering support.
“If it wasn’t for you guys we wouldn’t be fighting strong together as a community,” she wrote.
Ms Scott also lashed out at the “trolls” that had been targeting their family.
“To all of the trolls that are making nasty comments about my brother and family, you’re an absolute disgrace,” she said.
“Just imagine losing a child/sibling/friend and even someone that means the world to you, can you please explain to me how that would make you feel?”
Mr Scott’s death came as a major shock to other Schoolies attendees, with many reporting seeing or hearing the incident.
Melissa Hoyer said her son, who was outside the Hilton when the incident happened, could hear a “tremendous bang and screaming”.
One horrified eyewitness told the Daily Mail he heard a “bang” then screams.
“I was a street away waiting for a taxi and heard a really loud bang,” Johnson Muir told the publication.
“I thought somebody had just thrown something off the balcony but then I heard the screams.”
“One girl was bawling her eyes out screaming ‘I could’ve helped him and now he’s dead, he’s dead’.”
Others reported seeing him fall into the food court below.
Thousands of tributes flooded in following Mr Scott’s death, with a fellow schoolie, Taylah Tysoe, organising a minute silence on the last night of Schoolies to pay their respects.
“I am so traumatised by what has taken place and I’m sure most of you are too,” she wrote.
More than 100 people clicked attending on the Facebook event, which was held at 8pm.