Don't fall for investment scams

Investment scams often occur when someone contacts you with an ‘exclusive once-off opportunity’ designed to deceive you into investing in a fake or fraudulent scheme.

The Australian Securities and Investments Commissions (ASIC) plays a key role in consumer education, one of the ways ASIC does this is through their Moneysmart program. Moneysmart provides detailed information on investment scams and how they work, including impostor bond scams, superannuation scams, and cryptocurrency scams.

There are steps consumers can take to minimise the risk of being scammed, including:

  • Check ASIC Moneysmart’s investor alert list to help keep you informed about investments that could be fraudulent, a scam or unlicensed.
  • Go to ASIC Moneysmart’s check before you invest page to see how you can check if the company or person is licensed or authorised to offer the investment.

ASIC’s Moneysmart investor alert list helps to inform consumers about investments that could be fraudulent, a scam, or unlicensed. It also includes ‘impostor’ entities who impersonate or falsely claim to be associated with a legitimate business (impersonation scam).

 

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Reporting a scam will help to warn others and stop the scam. Report all scams to Scamwatch.

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Things to note

The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.

Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.

Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.