Save
‘Anyone can get caught out by a scam’: ASIC warning
Indigenous consumers lost more than $1 million to investment scams in 2019, ASIC has revealed.
‘Anyone can get caught out by a scam’: ASIC warning
Indigenous consumers lost more than $1 million to investment scams in 2019, ASIC has revealed.
It’s National Scams Awareness Week this week, and ASIC and members of the National Indigenous Consumer Strategy are reminding Indigenous consumers that “anyone can get caught out by a scam”.
The consumer watchdog’s ScamWatch received 2,767 scam reports from Indigenous consumers last year alone at a cost of more than $2 million, with the greatest losses reportedly coming from investment scams, compromising more than half of the total money lost.
The warning has led ASIC and other agencies within the National Indigenous Consumer Strategy to recommend three tips for Indigenous consumers:
- Be careful of sharing information either over the phone or online
If someone asks for personal details on the phone, hang up. Call them back using details from the official website of the organisation that contacted you first.
- Ask for more information
If consumers are contacted by someone offering an investment and ways to make easy money, you should ask for more information about the company and do your own research to work out whether the company is legitimate.
- Take time to think things through
ASIC also advises taking the time to think an offer through. Don’t ever feel pressured into sharing personal information or investing your money.
If you think you may have been scammed, you can lodge a report of misconduct with ASIC or report your concern to the ACCC’s ScamWatch.
RELATED ARTICLES
About the author
About the author
Scams
Trend Micro forecasts a new era of AI-driven scams by 2026
In a comprehensive report released today, cybersecurity leader Trend Micro Incorporated warns that 2026 will mark a significant turning point in the evolution of scams, driven by artificial ...Read more
Scams
Australians urged to stay vigilant as holiday scammers ramp up activity
As the festive season approaches, Australians are being warned to be on high alert for a surge in scam activities. With the increase in online shopping, travel bookings, and holiday preparations, ...Read more
Scams
Scam alert: Trend Micro warns Aussies to be vigilant as Black Friday approaches
As Australians prepare to dive into Black Friday shopping, cybersecurity firm Trend Micro has issued a stark warning about a surge in scam activities targeting eager consumers. According to a recent ...Read more
Scams
Economic stress leaves Australians vulnerable to job and financial scams
As Australians brace for the holiday season, a significant increase in job and financial scams is raising alarms. New findings from global cybersecurity leader Trend Micro Incorporated reveal that ...Read more
Scams
AI-driven investment scams explode: Millions of fraudulent sites blocked, billions lost
In an alarming trend that has caught the attention of cybersecurity experts worldwide, the use of artificial intelligence (AI) in investment scams has surged dramatically. Between March and October ...Read more
Scams
From awareness to accountability: Banks turn scam prevention into a core P&L discipline
Scam Awareness Week is the headline, but the real story is a structural shift: fraud prevention is moving from compliance footnote to board-level performance driver. ANZ’s 15% reduction in scam losses ...Read more
Scams
Inside ANZ’s $100m scam‑fight playbook: how banks can turn awareness into prevention
Public-service messaging won’t stop modern scammers. Australia’s banks are moving from posters to prevention, blending AI, network controls and customer friction to change outcomes. ANZ’s program ...Read more
Scams
ANZ warns Australians to stay alert for scams during end of financial year
ANZ is warning customers to remain vigilant during the end of financial year period as scammers attempt to target Australians during tax time. Read more
Scams
Trend Micro forecasts a new era of AI-driven scams by 2026
In a comprehensive report released today, cybersecurity leader Trend Micro Incorporated warns that 2026 will mark a significant turning point in the evolution of scams, driven by artificial ...Read more
Scams
Australians urged to stay vigilant as holiday scammers ramp up activity
As the festive season approaches, Australians are being warned to be on high alert for a surge in scam activities. With the increase in online shopping, travel bookings, and holiday preparations, ...Read more
Scams
Scam alert: Trend Micro warns Aussies to be vigilant as Black Friday approaches
As Australians prepare to dive into Black Friday shopping, cybersecurity firm Trend Micro has issued a stark warning about a surge in scam activities targeting eager consumers. According to a recent ...Read more
Scams
Economic stress leaves Australians vulnerable to job and financial scams
As Australians brace for the holiday season, a significant increase in job and financial scams is raising alarms. New findings from global cybersecurity leader Trend Micro Incorporated reveal that ...Read more
Scams
AI-driven investment scams explode: Millions of fraudulent sites blocked, billions lost
In an alarming trend that has caught the attention of cybersecurity experts worldwide, the use of artificial intelligence (AI) in investment scams has surged dramatically. Between March and October ...Read more
Scams
From awareness to accountability: Banks turn scam prevention into a core P&L discipline
Scam Awareness Week is the headline, but the real story is a structural shift: fraud prevention is moving from compliance footnote to board-level performance driver. ANZ’s 15% reduction in scam losses ...Read more
Scams
Inside ANZ’s $100m scam‑fight playbook: how banks can turn awareness into prevention
Public-service messaging won’t stop modern scammers. Australia’s banks are moving from posters to prevention, blending AI, network controls and customer friction to change outcomes. ANZ’s program ...Read more
Scams
ANZ warns Australians to stay alert for scams during end of financial year
ANZ is warning customers to remain vigilant during the end of financial year period as scammers attempt to target Australians during tax time. Read more
More articles
OUR PLATFORMS AND BRANDS
EVENTS AND SUMMITS
- ACE25 The Accounting Conference and Exhibition
- Australian Accounting Awards
- Australian AI Awards
- Australian Aviation Awards
- Australian Aviation Summit
- Australian Broking Awards
- Australian Cyber Awards
- Australian Cyber Summit
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Law Forum
- Australian Space Awards
- Australian Space Summit
- Better Business Awards
- Better Business Summit
- Broker Innovation Awards
- Broker Innovation Summit
- Budget Summit
- Corporate Counsel Summit
- Defence & National Security Workforce Awards
- Lawyers Weekly 30 Under 30 Awards
- Commerical Finance Awards
- New Broker Academy
- Partner of the Year Awards
- Partner Summit
- REB Awards
- Rising Star Awards
- SME Bootcamp
- Women in Finance Awards
- Women in Finance Summit
- Women in Law Awards
- Women in Law Forum
PODCASTS
- Accountants Daily Podcast Network
- Australian Aviation Podcast Network
- Broker Daily Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- REB Podcast Network
- Space Connect Podcast
- The Adviser Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- The Smart Property Investment Show
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
STAY CONNECTED
Make your nest egg grow. Register now for nestegg updates.