ASIC: Financial scams up by +200% since the pandemic – FinanceFeeds

ASIC: Financial scams up by +200% since the pandemic – FinanceFeeds

“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.”

ASIC has warned of an increasing number of scammers throughout the COVID-19 pandemic. The Australian regulator has registered a 200% growth in reports of financial misconduct over January/February 2021 YoY.

With scammers getting more and more sophisticated at creating fake platforms, the financial watchdog advised investors to be vigilant to imposter social media pages, websites, phone lines, fake regulators, and stock exchanges, although it’s increasingly difficult to differentiate between legitimate companies and scammers.

Warren Day, ASIC Regional Commissioner for Victoria, said: “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.”

Financial scammers usually offer a range of investments with modest to high returns, advertised as having little, or no risk at all. Scammers can create emails with logos, text, and phone numbers that look almost identical to those from legitimate organizations.

Scam emails will often try to create a sense of urgency or time pressure to trick victims into clicking on a hyperlink to a fake website. It is good practice to avoid clicking risky hyperlinks by manually searching for
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