Scam alert: Scammers are changing the way they impersonate financial services businesses


INSIGHT
Published
May 2nd '24
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KEY POINTS
  • ASIC is alerting consumers to new ways scammers are offering fake bond and term deposit scams. Scammers are increasingly impersonating legitimate financial services businesses which often don’t have a website or digital footprint. The scammers are also creating fake reviews.
  • Scammers mirror the real business addresses, Australian business numbers (ABNs) and financial services licence numbers in their advertising and communications.
  • ASIC encourages consumers to be alert to investment scams that set up bank accounts in the consumer’s name or request funds be transferred to a third-party account that is not in the name of the financial services business or held by the bank providing the service.

 

ASIC is warning consumers about an increase in the sophistication of fake bond and term deposit scams where scammers are impersonating little-known legitimate financial services businesses, often those without a website or digital footprint.

 

Scammers are mirroring real businesses’ disclosure documents, addresses, International Securities Identification Numbers (ISINs), Australian business numbers (ABNs) and Australian financial services (AFS) license numbers, as well as imitating investment maturity dates, coupons and credit ratings.

 

Scammers also use online advertisements and social media to promote fake bond and term deposit investment offers in well-known companies. The ads lead consumers to an online enquiry form which scammers use to collect personal information, such as their name, email address, and telephone number.

 

Read more, here.

 

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

 

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ASIC is Australia’s corporate, markets and financial services regulator.

 

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