Scam alert: Fake ASIC branding is appearing on social media scams


INSIGHT
Published
Jun 6th '24
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KEY POINTS:
  • ASIC is alerting consumers to an increase in the misuse of ASIC’s logo on social media to promote fake investments and stock market trading courses. ASIC does not endorse or promote any investment training or platforms.
  • ASIC does not cold call consumers about investments or refunds on investments.
  • ASIC is not associated with any investment offerings and will never ask investors to pay for trading taxes or pay to release investment funds.

 

ASIC is warning consumers about the misuse of ASIC’s logo on social media to promote fake investments and stock market trading courses and cold calling, and Telegram impersonations.

 

ASIC has received a number of reports about ads for a ‘Stock Trading Master Class’. The ads have been seen on social media platforms, display the ASIC logo and claim to be sponsored by ASIC.

 

When consumers click on the ad, they are taken to a private Whatsapp group called Lonton Wealth Management Center. ASIC listed this entity on the Investor Alert List on 21 May 2024.

 

Read more, here.

 

Source: © Australian Securities & Investments Commission (ASIC). Reproduced with permission.

 

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