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Tuesday 2 May 2017

17-126MR Consumers warned about investment scams promising to assist access to trust funds

ASIC urges the public to be wary of cold callers claiming that their investment proceeds have been stopped by ASIC and are being held for them in a trust.

These calls are being made by individuals based overseas and are scams. ASIC warns anyone who receives unexpected contact in this way or a similar manner to simply hang up or delete the email and block the sender.

These scams request that individuals provide further funds while their profits are being held in a trust by ASIC.

ASIC has recently seen an increase in complaints about this particular scam.

If you think you have been a victim of this scam or believe your account may have been compromised, you should contact your bank or financial institution immediately.

ASIC Deputy Chairman Peter Kell said, 'These scams are constantly evolving and are becoming more sophisticated in their efforts to convince unsuspecting consumers.' 

'Once the money paid to these callers goes overseas, it is almost impossible to recover. We strongly urge consumers to be wary of these scams and to be extremely cautious of any follow up communication.'

Protect yourself

  • If you receive an unexpected phone call or email claiming you are entitled to reclaim money for a fee, hang up or delete the email and block the sender.
  • Never send money or give your financial details to someone you don’t know and trust.
  • Keep in mind that government departments and financial institutions would never ask you for your personal details via unsolicited email or text message.
  • If you’ve provided your bank account or credit card details to a scammer, contact your bank or financial institution immediately.


You can report scams via the report a scam page on SCAMwatch or by contacting ASIC via our website, or on 1300 300 630.

More information

The Australian Government website is a safe portal for finding government services.

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Last updated: 02/05/2017 10:01