Crypto scam alert: appasiccoin.org
- ASIC is alerting investors about a suspicious website, appasiccoin.org, using crypto to scam Australians.
- The operators of the website mislead investors by claiming its investments are endorsed by ASIC. The operators also do not have an Australian financial services (AFS) licence.
- Do not invest in this product. ASIC does not endorse it or any other investments. The appasiccoin.org also does not have the permission to use ASIC’s name and has no affiliation with ASIC.
ASIC’s concerns
appasiccoin.org is suspicious because it:
- Claims to be endorsed by ASIC. ASIC never gives permission to use its name or logo to promote financial products or services. You should be wary of any website or advertisement that states or implies that the investment they promote is approved by ASIC or Moneysmart, or uses ASIC’s logo – it could be a scam.
- Uses encrypted messaging facilities to promote the scam and provides limited contact information.
- Does not have an AFS licence, which means customers are not protected when things go wrong.
For further information about investment scams visit ASIC’s Moneysmart website which includes checks that can be done to see if an investment is real. However, keep in mind that these checks do not guarantee the legitimacy of a product.
Think you have been scammed?
- Do not send any more money.
- Report it to your financial institution. If you are not happy with your financial institution’s response, you can make a complaint to the Australian Financial Complaints Authority and seek an award compensation for damages.
- Be wary of secondary scams or money recovery services that may offer to help you get your money back for a fee.
- Contact IDCARE, a free government-funded service, which can help to develop a specific response plan. IDCARE will never contact you out of the blue.
- Report the scam to the Australian Competition & Consumer Commission at Scamwatch and to the Australian Cyber Security Centre at ReportCyber.
- Report to ASIC if you notice ASIC’s logo, references to Moneysmart or ASIC staff on a company’s promotional materials. Include a link to the website or a screenshot. Your report may disrupt the scammers and hopefully will warn others to avoid it. Unfortunately, ASIC cannot help you get your money back.
Further support
If you need someone to talk to, contact:
- Lifeline on 13 11 14 (24 hours) or their crisis support online chat or
- Beyond Blue on 1300 22 46 36 (24 hours) or their webchat
If you are experiencing problems with debt, contact:
- the National Debt Helpline on 1800 007 007 (Monday to Friday 9.30am to 4.30pm) or chat online
Related links:
- Use of ASIC’s logo
- Warning: Scammers impersonating ASIC
- Warning: Websites displaying fake ASIC endorsements
- ACCC Scamwatch
ASIC is Australia’s corporate, markets and financial services regulator.
Source: © Australian Securities & Investments Commission. Reproduced with permission.
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