Scams, and the con artists behind them, are forever evolving and becoming more sophisticated and harder to spot.
ACM has compiled a list of current scams identified on sites such as scamwatch.gov.au, cyber.gov.au and the Australian Competition and Consumer Commission’s website dedicated to informing people about fraudulent and dishonest activities.
ASIC is alerting investors about fake fixed term or high interest deposits in various currencies claiming to be a ‘new breed of investment’. Picture: file picture
- People are being warned of a sophisticated and evolving scam targeting investors.
- ASIC is alerting investors about fake fixed term or high interest deposits in various currencies claiming to be a ‘new breed of investment’.
- Offers appear to include common phrases such as ‘beating inflation’ and ‘meeting liabilities’.
- These offers often include the unauthorised use of the Australian Government Coat of Arms and ASIC’s and/or APRA’s logos.
- Scammers copy contract documents from real financial firms & replace the contact details with their own.
- ASIC is urging people to be wary of unsolicited contact, especially when the person contacts you to invest. If someone contacts you, hang up or do not reply.
- Investors should also be suspicious of interest rates that are higher than other alternatives. If an investment offer guarantees higher returns than other investments in the market, it is either high risk or it could be a scam.
- The use of phrases like ‘A new breed of investment’ or…
