- The Australian Securities and Investments Commission (ASIC) warns consumers about a rise in fraudulent use of its branding across social media platforms, promoting bogus investment opportunities and trading courses. ASIC clarifies it does not approve or promote any investment training or platforms.
- ASIC will never cold call individuals regarding investments or refunds.
- ASIC is not linked to any investment opportunities and will not request payment for trading taxes or release of investment funds.
ASIC is cautioning the public about the unauthorized use of its logo on social media to advertise fake investment opportunities, trading courses, and through cold calling and impersonations on Telegram.
Multiple reports have been received about advertisements for a ‘Stock Trading Master Class’ featuring the ASIC logo and falsely claiming sponsorship by ASIC. When clicked, these ads direct consumers to a private WhatsApp group named Lonton Wealth Management Center, which ASIC added to its Investor Alert List on May 21, 2024.
These ads mislead the public by:
- Displaying the ASIC logo, with which they have no association.
- Falsely claiming ASIC’s endorsement of the stock trading master class.
ASIC is also aware of persistent cold calls from individuals pretending to represent ASIC, offering investment refunds. This is alarming as ASIC does not engage in cold calls for investments or refunds.
Furthermore, there have been reports of a fake ASIC account on Telegram, asking investors for payments to release funds supposedly held in Australia. This is concerning because:
- ASIC does not operate a Telegram account.
- ASIC will never demand upfront payments for taxes or to release investments in Australia.
- Private social media groups may be used to mask the identities of the entities involved.
Recognizing Fake Social Media Ads Not Endorsed by ASIC:
A social media ad is not affiliated with ASIC if it:
- Misuses the ASIC logo to promote investments or financial services. ASIC does not endorse any products or courses.
- Claims to be supported or sponsored by ASIC.
- Purports to be from ASIC but mentions a third party.
- Links to a social media account with the ASIC logo that lacks a history of posts and doesn’t use ASIC’s official handles.
ASIC’s Official Social Media Accounts:
- Facebook: MoneysmartAU
- X/Twitter: MoneysmartTeam, @asic_connect, @asicmedia
- Instagram: MoneysmartAU
- LinkedIn: ASIC
Steps to Take If You Encounter This Scam:
- STOP: Avoid clicking on such fake ads. Simply scroll past, delete, or refresh your browser.
- THINK: Verify on ASIC’s legitimate social media accounts for warnings. Double-check the social media handles to ensure authenticity.
- PROTECT: If possible, report the ads to the respective social media platform and Scamwatch. ASIC collaborates with the National Anti-Scam Centre and social media platforms to remove such harmful content.
If You Suspect You’ve Been Scammed:
- Cease all financial transactions with the scammer and block their contact.
- Inform your bank or financial institution of the scam. If unsatisfied with their response, lodge a complaint with the Australian Financial Complaints Authority.
- Reach out to IDCARE, a government-supported service, for personalized advice if your identity is compromised. IDCARE will never initiate contact with you unsolicited.
- Be cautious of follow-up scams claiming to recover your money.
- Report the incident to Scamwatch to help combat the scammer.
- Report the fraudulent social media account through the platform’s reporting options, if available.
- Alert your family and friends about the scam.
- For detailed guidance, consult what to do if you’ve been scammed.
Additional Support:
- For Emotional Support: Contact Lifeline at 13 11 14, available 24/7, or access their crisis support online chat. Beyond Blue is also available at 1300 22 46 36, with a 24-hour service and web chat options.
- For Debt Issues: Reach out to the National Debt Helpline at 1800 007 007, available Monday to Friday from 9.30 am to 4.30 pm, or use their online chat service.
Become an Oz ScamWatcher
