ASIC Warns against Scammers Impersonating Financial Firms

The Australian financial supervisor has issued a warning on Thursday against the rampant scammers impersonating companies or financial investment firms to dupe potential victims in the country.

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, 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 victim’s 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, 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 vigilant against such fraudsters and are regularly warning 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.