Australia’s leading financial regulator has sent out a scam alert warning to consumers about individuals pretending to be from ASIC over text and email.
The Australian Securities and Investments Commission (ASIC) has issued a scam alert warning to consumers. It comes after reports emerged of scammers sending emails and phone calls purporting to be from ASIC, before asking victims to provide a payment to enable funds or assets to be released.
In a press release issued on Wednesday, ASIC explained how it became aware of a recent case where requests were made for payments in US dollars to release an investor’s funds. This type of fraudulent activity is commonly known as a recovery scam.
Australia’s financial services regulator stated that it never collects payments to enable the release of funds or assets, nor does it ask for a payment in any currency to facilitate such a transaction. It also does not allow the reproduction or use of its logo by a third party entity or guarantee any of its services.
What to do if you think you have been scammed
ASIC has issued guidance to those who believe they have received what they describe as “false communication”. In this situation, the Commission gave the following advice:
- Do not taken any action until you are sure that the sure communication is indeed legitimate
- Contact ASIC on 1300 935 075 (from within Australia) or +611300 935 075 (outside of Australia) and ask for the communication to be checked and verified
What to do if you have already been scammed
Officials from ASIC have urged affected consumers who may have fallen victim to a scam to act quickly, before listing seven key steps to follow:
- Do not send any more money and block all contact with the scammer.
- Report it to your bank or financial institution immediately.
- Report it to your digital asset exchange if you transferred digital assets.
- Contact IDCARE, the government’s free cyber support service.
- Be wary of follow-up scams that may occur.
- Report it to Scamwatch, run by the National Anti-Scam Centre.
- Warn your family and friends about the scam.
This warning is the latest example of ASIC’s attempts to tackle online trading scams. Back in December 2024, the regulator called for individuals to stay vigilant after concerns were raised around suspected investment scams linked to social media.
Traders are urged to stay safe when trading or investing online and to never share their personal account details to anybody requesting them over the phone. For those who are unsure whether they are being scammed or not, the best thing to do is to follow the steps outlined by ASIC above and report it to the relevant financial institution depending on the jurisdiction.
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