ASIC Posts 200% Increase in Reports about Financial Scams Since the Pandemic
The Australian Securities and Investments Commission(ASIC) announced on Friday that an increasing number of scammers take advantage of people throughout the COVID-19 pandemic. As a result, reports of misconduct to ASIC over January/February 2021 are up by more than 200% compared to last year.
According to the regulator, lots of scammers are sophisticated at creating fake platforms, which often include imposter social media pages, websites, phone lines, fake regulators and stock exchanges. It’s increasingly difficult to differentiate between legitimate companies and scammers.
Warren Day, ASIC Regional Commissioner for Victoria, coommented, “Australians are at risk of being scammed and losing money, and scammers are using age-old tactics in new and sophisticated ways to target people.”
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