ASIC Warns against Scammers Impersonating Financial Firms

Scammers are reaching out to potential victims through emails, calls and messages.

They provide convincing documents to gain the trust of the potential victims.

According to the Australian Securities & Investments Commission (ASIC) scammers contact through Gmail and Outlook accounts. They usually provide information and materials, including contact details and impressive brochures to show their legitimacy. The provided materials are also convincing and authentic, but the only difference is the contact details and bank details provided on them.

The fraudsters are even making unsolicited calls and sending messages to the potential victims, making promises of high returns and profits.

Further, the ASIC strictly warned people against scammers impersonating companies and asking for remote access to their computers.

“ASIC is aware of scammers impersonating legitimate companies and then use convincing reasons for the victim to give them remote access (i.e. the ability to log into the victims computer or phone from their location),” the regulator said.

“If someone asks you for remote access it is probably a scam.”

Sophisticated Tactics

Many scammers even build relationships and gain the trust of the victims before pitching in a fraudulent investment opportunity. “ASIC has received reports of people being approached over email, social media or dating apps prior to being offered an investment opportunity,” the Aussie watchdog added.

Meanwhile, the ASIC is not the only financial market supervisor to raise an alarm against scams. Regulators of the United Kingdom, Belgium, the European Union, and other parts of the world are also vigilant against such fraudsters and are regularly alarming consumers.

The Australian competition regulator recently sued Facebook for allowing crypto advertisements posted by fraudsters using the photos and fake endorsements of several Aussie public figures.