Warning: Scammers Are Impersonating ASIC Employees to Defraud Investors

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The Australian Securities and Investments Commission (ASIC) has issued a warning today that scammers were disguising as ASIC employees to defraud investors.

The Australian financial watchdog noted that it has received reports that consumers were being targeted by scammers, who are offering to help consumers recover funds, usually lost via an initial scam. In this follow-up scam, scammers ask for payment to help retrieve funds.

ASIC stressed that it never ask for money or crypto-currency to retrieve funds that have been invested or lost. It will never request direct transfers of money into a personal bank account or crypto-wallet.

Additionally, the regulator detailed the warning signs that contact from ASIC (or any government agency) is not legitimate include:

• Requesting money through unsolicited contact on the telephone, SMS or email,

• Requesting to click on a link to confirm personal details,

• Requesting upfront payment for goods or services, and

• ​Requesting that payment be made via crypto-currency or into a personal bank account.