Investment and banking scams – what to look out for

Be aware of scammers

A phone call or email out of the blue offering you a ‘not-to-be-missed investment opportunity’ or requesting you to ‘confirm your login details’ with a bank should be treated with extreme caution.

Here are some things to remember when dealing with suspicious calls or emails about investment offers or your bank accounts:

1.  If something seems too good to be true, then it probably is —your starting position should always be “could this be a scam?”

2.  Don’t be pressured into making a decision—one of the most common used tactics by scammers is to instil panic and the fear of missing out on a great deal or offer.

3.  Do your own checks – With investment offers, always check if the company is licensed by ASIC on their Professional Registers and also check ASIC’s list of companies you should not deal with. It is also a good idea to get independent financial advice before you invest.

4.  Your bank will never, ever contact you by email looking for financial details—never login to your internet banking through a link provided in an email, no matter how legitimate the email looks. Always contact the bank on a publically listed number to check the details.

If you’re worried you have been scammed, you should report the scam to ACCC’s SCAMwatch. If the scam is investment related report the scam to ASIC.

You should also contact your financial institution if you have given out your account details or logged in through an email link.

Visit ASIC’s MoneySmart website for more tips on how to avoid scams.

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