ASIC warns on scammers claiming to be ASIC
In an unusual twist the Australian Securities and Investments Commission (ASIC) has issued a warning calling for consumers to be wary of cold callers claiming to represent the regulator itself.
ASIC has stated that the calls are coming from offshore with claims they can assist in recovering funds lost in earlier software scams and may quote an Australian Business Number or also claim to represent software giant Microsoft.
Typically the scams involve people being asked to provide access to their computer and filling in online forms.
The regulator has warned people to hang up the phone or delete any emails which make claims to represent ASIC and to contact their financial institution if they believe they have been comprised financially.
ASIC has also reissued its standard warnings on phone-based scams stating the calls are usually not-anticipated and presented as if from a legitimate government of business organisation. They also require people to pay advance fees or provide access to banking details as part of the assistance on offer.
ASIC has stated legitimate government and business organisation do not request these details over the phone or via email.
AUTHOR
Jason Spits
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
