ROOT
ASIC reports increase in impersonation scams
The corporate regulator has issued a warning.
ASIC reports increase in impersonation scams
ASIC has alerted consumers to a rise in investment scams impersonating companies or financial investment firms.
It warned that scammers often make contact through Gmail and Outlook email accounts and that their contact details do not match the information published on the legitimate company’s website.
Consumers are also being urged to be careful of receiving calls or messages “out of the blue” and that scammers may request remote access to their computer and or contact them online advising them about a “great investment opportunity”.
“Many scammers go to great lengths to build relationships and gain trust before offering an investment opportunity,” the regulator said in a statement.
“ASIC has received reports of people being approached over email, social media or dating apps prior to being offered an investment opportunity.”
It comes after ASIC chair Joe Longo reported an “exponential increase” in scams earlier this month.
“Over the past three years, scams have risen from 15 per cent to 35 per cent of all reports of misconduct made to ASIC, indicating that this is an increasingly significant issue for consumers,” Mr Longo said in an address to the AICD Governance Summit.
“With hundreds of millions lost per year to scams, government agencies have observed a rise in investment and other scams during the pandemic, while largely unregulated crypto-assets are used increasingly to funnel money to scammers overseas.”
RELATED ARTICLES
Invest
Finity and Ortec Finance join forces to enhance climate risk analysis for Australian investment portfolios
In a significant move aimed at bolstering the financial sector's ability to tackle climate-related risks, Finity, Australia's leading independent actuarial and strategic analytics firm, has announced ...Read more
Invest
Australia’s 5% deposit guarantee accelerates: relief for buyers, reckoning for lenders
Bringing forward Australia’s expanded 5% deposit guarantee to 1 October 2025 changes the mechanics of first-home finance and the economics of mortgage risk overnight. By removing income caps and place ...Read more
Invest
Australia's performance test shake-up is rewriting the investment playbook
Australia’s performance test has been a powerful accountability tool—exposing laggards and accelerating consolidation. But industry bodies now back targeted reforms to stop the test from ...Read more
Invest
Financial Basics Community Foundation receives major grant to boost financial literacy for disadvantaged youth
In a significant step toward enhancing financial literacy among disadvantaged young Australians, the Financial Basics Community Foundation (FBCF) has secured a substantial grant from the MetLife ...Read more
Invest
Dynamoney appoints Brett Thomas as CEO to spearhead growth and innovation
Dynamoney, a prominent player in the commercial finance sector for Australian small and medium enterprises (SMEs), has announced the appointment of Brett Thomas as its new Chief Executive OfficerRead more
Invest
Brokers’ wishlist, nation’s payoff: approvals, tax and AI as the new housing‑finance flywheel
Mortgage brokers aren’t just pleading sectoral special interests. Their asks—faster planning approvals, targeted tax recalibration and scaled AI—are levers to lift national productivity, unlock ...Read more
Invest
Waikiki's wave of opportunity how investors are surfing growth and risk in Perth's southern shores
Waikiki, a coastal suburb in Perth’s south, is drawing capital for the rare mix of affordability, rental tightness and billion‑dollar defence‑led infrastructure nearby. Yet the market is not one‑way ...Read more
Invest
State Street Investment Management holds steady on ETF model portfolio allocations
State Street Investment Management has maintained its asset allocation for its Risk-Based and Target Income ETF Model Portfolios despite market volatility and adjustments by other major players in the ...Read more
Invest
Finity and Ortec Finance join forces to enhance climate risk analysis for Australian investment portfolios
In a significant move aimed at bolstering the financial sector's ability to tackle climate-related risks, Finity, Australia's leading independent actuarial and strategic analytics firm, has announced ...Read more
Invest
Australia’s 5% deposit guarantee accelerates: relief for buyers, reckoning for lenders
Bringing forward Australia’s expanded 5% deposit guarantee to 1 October 2025 changes the mechanics of first-home finance and the economics of mortgage risk overnight. By removing income caps and place ...Read more
Invest
Australia's performance test shake-up is rewriting the investment playbook
Australia’s performance test has been a powerful accountability tool—exposing laggards and accelerating consolidation. But industry bodies now back targeted reforms to stop the test from ...Read more
Invest
Financial Basics Community Foundation receives major grant to boost financial literacy for disadvantaged youth
In a significant step toward enhancing financial literacy among disadvantaged young Australians, the Financial Basics Community Foundation (FBCF) has secured a substantial grant from the MetLife ...Read more
Invest
Dynamoney appoints Brett Thomas as CEO to spearhead growth and innovation
Dynamoney, a prominent player in the commercial finance sector for Australian small and medium enterprises (SMEs), has announced the appointment of Brett Thomas as its new Chief Executive OfficerRead more
Invest
Brokers’ wishlist, nation’s payoff: approvals, tax and AI as the new housing‑finance flywheel
Mortgage brokers aren’t just pleading sectoral special interests. Their asks—faster planning approvals, targeted tax recalibration and scaled AI—are levers to lift national productivity, unlock ...Read more
Invest
Waikiki's wave of opportunity how investors are surfing growth and risk in Perth's southern shores
Waikiki, a coastal suburb in Perth’s south, is drawing capital for the rare mix of affordability, rental tightness and billion‑dollar defence‑led infrastructure nearby. Yet the market is not one‑way ...Read more
Invest
State Street Investment Management holds steady on ETF model portfolio allocations
State Street Investment Management has maintained its asset allocation for its Risk-Based and Target Income ETF Model Portfolios despite market volatility and adjustments by other major players in the ...Read more
