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Scams Awareness Week is approaching, which means it’s a great time to brush up on your knowledge of all things scams. We’re reaching out to provide some helpful information and tips so you can spot scams and protect yourself against them.

Did you know that between January to September this year, Australians lost $294 million to investment scams? That’s a 158% increase compared to the same time last year.

Investment scams are becoming more pervasive, and scammers are finding smarter ways to access your money and personal information. Falling victim to an investment scam can be an extremely challenging time and the consequences may be life-changing. Your best defence to protect yourself is to stay one step ahead of scammers with scam prevention knowledge.

Visit the dedicated scams hub to learn more about how an investment scammer could target you, and the simple measures you can take to protect yourself.

If you want to learn more, please click the link below:

What is an investment scam?

 

If it sounds too good to be true, it probably is

People are often on the lookout for new investment opportunities, and scammers can take advantage of this.

Sophisticated investment scams can be hard to spot and can feel legitimate in the moment. You may not realise you’ve been scammed until weeks or months down the line, by which time your money’s gone.

Common investment scams to watch out for include:

  • unsolicited investment offers such as cryptocurrency, fake corporate or treasury bonds, and fake share IPOs (Initial Public Offerings), claiming to be from reputable businesses
  • fake endorsement of an investment or other business opportunities from celebrities
  • early access to superannuation with a fee.

Follow these three steps to protect yourself or visit our scams hub to learn more.

Pause: Look for red flags such as international phone numbers, newly established websites, guaranteed initial investments, higher than normal rates of return, or cold contact claiming to be from reputable companies. Does this feel right? If in doubt, don’t act.

Process: Always think twice, does this investment seem too good to be true? Before actioning, take some time to think through whether this information is legitimate.

Proceed: It is encouraged to speak to your trusted financial adviser.

If you want to learn more, please click the link below:

Think twice before you act