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Fake news: ASIC warns investors over latest investment scam

  • May 17 2021
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Fake news: ASIC warns investors over latest investment scam

By Cameron Micallef
May 17 2021

The corporate regulator is warning of an increased number of reports from consumers who have lost their money after responding to an advertisement that directs to a fake news site.

ASIC warns investors over latest investment scam

Fake news: ASIC warns investors over latest investment scam

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  • May 17 2021
  • Share

The corporate regulator is warning of an increased number of reports from consumers who have lost their money after responding to an advertisement that directs to a fake news site.

ASIC warns investors over latest investment scam

Scammers are cold-calling individuals promising high returns through crypto assets using fake news sites to gain personal information.

ASIC warned that a common tactic used by scammers is to promote fake articles via social media that look like real news organisations, including ABC News, Sunrise and The Project.

In doing so, when a consumer clicks on the advertisement, they are directed to a site that is not linked with the impersonated publication where they are asked to put in their basic information.

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Scammers then follow up by contacting the person making the enquiry, promising an investment with unrealistically high returns.

How to avoid getting scammed

The corporate regulator is warning that crypto assets are largely unregulated in Australia and carry higher risk.

They are warning individuals to not invest money they cannot afford to lose and to seek professional advice prior to investing.

ASIC also highlighted that news outlets do not offer specific advice as part of their news coverage, as well as the corporate regulators will not endorse particular investments.

What to do if you think you have been scammed?

Many of these scams originate overseas. Once money has left Australia, it is extremely hard to recover, and it is unlikely ASIC will be able to assist you to get your money back.

If you transferred funds via bank transfer or credit card, you should contact your financial institution as they may be able to reverse the transaction. If you have paid scammers via crypto assets, your bank or credit union won’t be able to assist.

Fake news: ASIC warns investors over latest investment scam
ASIC warns investors over latest investment scam
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

author image
Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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