Beware of Fake ASIC Branding on Social Media (July 2024 Scam Awareness Update)

Relevant For:

Australian investors.

Key Points:

  • Fake ASIC branding is being used in social media scams.
  • Reports include misleading social media ads, cold calling and fake Telegram accounts.
  • ASIC does not endorse investment training or platforms.
  • ASIC does not cold call investors about investments.
  • Investor need to be cautious and verify ASIC-related communications.

Full Article:

The Australian Securities and Investments Commission (ASIC) has issued an urgent scam alert due to a rise in fraudulent use of ASIC’s logo on social media.

These scams promote fake investments, stock market trading courses, cold calls and impersonation accounts on Telegram.

ASIC, in collaboration with the National Anti-Scam Centre (NASC) and various social media platforms, is actively working to remove such deceptive content.

Investors are reminded that ASIC does not endorse or promote investment training, platforms or cold call investors, nor is it linked to any investment offerings.

Here are the key concerns outlined by ASIC:

Misleading Social Media Ads

Reports have surfaced about ads on social media using the ASIC logo to claim sponsorship for a “Stock Trading Master Class.” These ads direct users to a WhatsApp group named “Lonton Wealth Management Center,” which ASIC listed on its Investor Alert List in May 2024. ASIC has no association with this entity or the advertised class.

Cold Calling Scams

Numerous reports indicate repeated cold calls from individuals claiming to be from ASIC, attempting to discuss investment refunds. It is crucial to note that ASIC does not cold call investors regarding investments.

Fake Telegram Accounts

There is an account on Telegram impersonating an ASIC social media account, with operators asking for money to release investment funds supposedly held in Australia. ASIC does not operate a Telegram account and will never request upfront payments or taxes to release investments.

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