Invest
Government warns investors on new spate of scams
The Australian Competition and Consumer Commission is warning investors to be vigilant about a new spate of scams.
Government warns investors on new spate of scams
The Australian Competition and Consumer Commission is warning investors to be vigilant about a new spate of scams.
This year, the ACCC’s Scamwatch has received 1,175 complaints about fake surveys, emails and social media posts misusing the names and logos of large Australian retailers, including JB Hi-Fi, Bunnings, Coles and Woolworths, with $2,600 in total reported lost.
"These losses are the tip of the iceberg, as the scammer's target is your personal information to help them scam you again in the future," ACCC deputy chair Delia Rickard said.
"Scammers use fake gift card promotions to trick consumers into handing over their personal information such as banking details or passwords, which are later used to steal your money or your identity, or to on-sell to other scammers."
Typically, scams of this nature involve a random email or text message, email or social media post prompting the investor to claim a gift card from a well-known retailer.
"The email, message or post appears legitimate, using brand names and official logos to convince you it's the real deal," the ACC said.
"As with many legitimate offers and online posts, you might be asked to complete a survey or pass on an offer to others before you can claim the gift card or voucher.
"Upon completing the survey, forwarding or accepting the offer, you will generally be directed to a well-constructed webpage. Here, you will be prompted to provide personal information such as your phone number, address and bank account details."
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