Previous month, ASIC favored the new Australian Forex client money protection law. Since then, the financial regulatory entity has issued over recently an ASIC international cold calling investment scams warning. What do we know about these scams?
3 May, AtoZForex –Australian Securities & Investments Commission (ASIC) issues a consumer warning about investment scams. The scammers promise the public to assist access to trust funds. The ASIC contributes to the economic reputation and well-being of Australia. It does so by ensuring that the financial markets are fair and transparent. However, the Australian watchdog issues a recent ASIC international cold calling investment scams warning.
ASIC International Cold Calling investment scams warning
The Australian financial regulator warns the citizens to be cautious of cold callers mentioning that the ASIC has stopped their investment proceeds. Furthermore, the callers claim that their investment proceeds are being held for them in a trust. The ASIC has learned that the individuals making such calls are located overseas and are scammers. Moreover, the fraudsters request for more funds from the investors while ASIC has held their profits in a trust. The Australian watchdog took this step after they received an increased number of complaints about this particular scam.
Additionally, the ASIC asks the public to simply disconnect the phone or delete the email and block the sender in case they receive such unexpected calls or emails. They also recommend to immediately contacting your bank or financial entity if you find yourself to be a victim of this scam or find any suspicious activity in your bank account. Peter Kell, the Deputy Chairman of ASIC, said:
“These scams are constantly evolving and are becoming more sophisticated in their efforts to convince unsuspecting consumers. Once the money paid to these callers goes overseas, it is almost impossible to recover. We strongly urge consumers to be wary of these scams and to be extremely cautious of any follow-up communication.”
How to protect yourself from such scams?
The ASIC international cold calling investment scams warning includes the below precautionary steps:
- Don’t give your bank account or credit card details or send money to strangers and/or untrustworthy individuals.
- Even if you have provided your financial details to such entities or a scammer, immediately contact your bank or financial institution.
- In case you receive an unexpected call or email claiming that you are entitled to reclaim money for some fees, disconnect or hang up the call or delete the email and block the sender.
- Bear in mind that neither the financial institutions nor the government departments would ask for your personal or financial details through unsolicited email, phone, or text message.
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