03
June
2020
|
07:30
Australia/Sydney

COVID-19 financial and money scam alerts

Summary
  • ASIC is aware of scammers taking advantage of people during this time of heightened uncertainty.
  • Over recent weeks, ASIC has received reports of misconduct from consumers and investors noticing dodgy practices and scams.
  • Scams can take many forms; here are some red flags to look out for.

 

Improper use of ASIC’s logo

ASIC never gives permission to use its logo to promote financial products or services.

We are currently seeing some companies improperly display ASIC’s logo on their website to give the impression that they have been approved by ASIC.

Companies asking people to transfer to multiple bank accounts

ASIC has received reports of companies asking consumers to pay money for financial products or services into different bank accounts each time funds are transferred.

Consumers have told us that some companies explain the use of different accounts as being ‘for a security reason’ or because the company is so large that is has accounts everywhere in the world.

More information

Scamwatch is run by the Australian Competition and Consumer Commission (ACCC). It provides information to consumers and small businesses about how to recognise, avoid and report scams.

 

Boilerplate

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