ASIC Warns of Fake Ads and Cold Calls Using Its Logo

The Australian Securities and Investments Commission (ASIC) has warned customers about scams that use its logo on social media to offer fraudulent investments and stock market trading courses. Reports have been flowing in regarding deceptive marketing and cold calls claiming association with ASIC, causing severe worries among the people.

One such fraud is ads for a 'Stock Trading Master Class' that circulate on social media networks. These advertisements, which fraudulently show the ASIC logo and claim commission sponsorship, lead naive visitors to a secret WhatsApp group named London Wealth Management Center. As of May 21, 2024, ASIC has already added this business to its Investor Alert List.

Furthermore, ASIC has received several instances of cold calls from people claiming to be ASIC personnel, promising help with investment returns. These calls are especially disturbing since ASIC does not cold-call customers about investments or refunds.

Another concerning development is the appearance of a fraudulent ASIC account on Telegram. This impersonator account defrauds investors by seeking money to free their investment funds, which are allegedly stored in Australia. ASIC emphasizes that it does not have a Telegram account and would never request money for upfront taxes or payments to release investments.

Identifying False ASIC Endorsements

Consumers should be careful and seek particular evidence that social media marketing is not affiliated with ASIC:

• Use the ASIC logo to promote investments or financial goods.

• Claims to be sponsored or endorsed by ASIC.

• This refers to a third party purporting to be from ASIC.

• Users are being directed to freshly formed social media profiles with the ASIC logo that lack a history of postings and do not utilize ASIC's official handles.

Official ASIC Social Media Handles

For reliable information and updates, customers can look to ASIC's verified social media pages.

• Facebook: MoneysmartAustralia

• Twitter accounts: MoneysmartTeam, @asic_connect, and @asicmedia.

• Instagram: MoneysmartAU.

• LinkedIn: ASIC

Steps to Take If You Encounter a Scam

If you see these false adverts, take these steps:

• STOP: Avoid clicking on the advertisements. Scroll past, delete, or reload your browser.

• THINK: Check the warnings on ASIC's official social media pages. Make sure you're looking at real ASIC profiles.

• PROTECT: Report the advertising to the social media platform and alert Scamwatch. ASIC is actively working with the National Anti-Scam Centre and social media networks to remove damaging information.

What To Do If You Have Seen Scammed

If you feel you've been scammed:

• Stop making payments and block the offender.

• Report the event to your banking institution. If you're unsatisfied with their answer, make a complaint with the Australian Financial Complaints Authority.

• Contact IDCARE, a government-funded program, for assistance in building a reaction plan if your identity has been compromised. Remember that IDCARE will never contact you if you are uninvited.

• Be wary of follow-up frauds claiming to reclaim your money.

• Report the fraud to Scamwatch to help stop the scammer.

• If feasible, report the phony social media account to the appropriate site.

• Inform your relatives and friends about the scam to prevent them from becoming victims.

Additional Support

For help, call:

• Lifeline at 13 11 14 (available 24/7) or utilize their online crisis support chat or contact WikiFX Support.

• Beyond Blue at 1300 22 46 36 (available 24 hours) via their online chat.

• For debt-related difficulties, contact the National Debt Helpline at 1800 007 007 (Monday through Friday, 9.30 a.m. to 4.30 p.m.) or by online chat.

ASIC continues to work diligently to safeguard consumers and the integrity of the financial markets. Consumers may protect themselves against fraudulent operations by remaining aware and cautious.

You may also check out the latest news in the financial market here.