ASIC warns in opposition to social media scams

ASIC has issued a warning to shoppers concerning the growing prevalence of fraudulent actions on social media platforms, the place its brand and branding are misused to use its respected picture and lure unsuspecting victims.

Faux endorsements

ASIC has recognized quite a few cases the place its brand has been improperly used to advertise bogus investments and inventory market buying and selling programs.

One such instance is the Inventory Buying and selling Grasp Class advertisements, falsely claiming ASIC sponsorship and main shoppers to a questionable entity generally known as Lonton Wealth Administration Middle, which ASIC had already flagged on its Investor Alert Listing as of Could 21.

Impersonations and chilly calling

The scams prolong past deceptive advertisements; ASIC has additionally famous an uptick in chilly calls from people falsely representing themselves as ASIC staff, who falsely have interaction shoppers to debate funding refunds.

Moreover, a phony ASIC account on Telegram has been soliciting funds from traders underneath the guise of releasing held funding funds in Australia.

Figuring out fraudulent ASIC advertisements

Shoppers can determine an advert falsely claiming affiliation with ASIC if it:

• makes use of the ASIC brand to endorse monetary services or products
• claims a relationship with ASIC, akin to being “supported” or “sponsored” by the organisation
• directs to a social media account that makes use of the ASIC brand however lacks a historic presence or makes use of completely different social media handles from the official ASIC accounts

Official ASIC social media accounts

ASIC’s reputable social media presence is confined to particular accounts:

• Fb: MoneysmartAU
• X/Twitter: MoneysmartTeam, @asic_connect, and @asicmedia
• Instagram: MoneysmartAU
• LinkedIn: ASIC

Steps to take in case you encounter a rip-off

If you happen to encounter a suspected rip-off advert, ASIC advises:

1. Cease: Keep away from interacting with the advert. As an alternative, scroll previous, delete, or refresh your browser.
2. Assume: Confirm the legitimacy of the advert by checking ASIC’s official accounts and evaluating social handles.
3. Shield: Report the fraudulent advert to the social media platform and notify Scamwatch and the Nationwide Anti-Rip-off Centre to help in its removing.

Recommendation for these scammed

For people who consider they’ve fallen sufferer to such scams, ASIC recommends rapid motion to stop additional monetary loss, together with blocking all contact with the scammer, reporting the incident to their monetary establishment, and contacting IDCARE for id safety help.

Learn the ASIC announcement right here.

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