Warning: Fixed term deposit scams

23 December 2021

  • ASIC is alerting investors about fake fixed term or high interest deposits in various currencies claiming to be a ‘new breed of investment’
  • Offers appear to include common phrases such as ‘beating inflation’ and ‘meeting liabilities’
  • These offers often include the unauthorised use of the Australian Government Coat of Arms and ASIC’s and/or APRA’s logos.

What to look out for

  • Unsolicited contact, especially when the person contacts you to invest. If someone contacts you, hang up or do not reply.
  • Interest rates that are higher than other alternatives. If an investment offer guarantees higher returns than other investments in the market, it is either high risk or it could be a scam.
  • The use of phrases like ‘A new breed of investment’ or ‘Sustainable income / capital growth / beating inflation / meeting liabilities’.
  • Documentation with the Australian Government Coat of Arms and ASIC’s and/or APRA’s logos. Any offer of financial products containing ASIC’s logo, the Australian Government Coat of Arms, or APRA’s logo, is a scam.

ASIC notes that the use of the Australian Coat of Arms requires permission. Further information can be found in the hyperlink included below.

For more information about investment scams and what to look out for, visit the Investment Scams page on ASIC’s MoneySmart website.

Report scams 

If you notice ASIC’s logo or references to MoneySmart on a company’s promotional materials, report it to ASIC. Include a link to the website or a screenshot. Your report may disrupt the scammers and hopefully will warn others to avoid it.

Think you have been scammed?

  1. Do not send any more money
  2. Report it to your financial institution
  3. Be wary of follow-up scams promising to help get your money back
  4. Report it to your local police
  5. Report it to ASIC (unfortunately ASIC cannot help you get your money back)

Further support

If you need someone to talk to, contact:

  • Lifeline on 13 11 14 (24 hours) or their crisis support online chat (7pm – 12am) or
  • Beyond Blue on 1300 22 46 36 (24 hours) or their web chat (1pm – 12am)

If you are experiencing problems with debt, contact:

  • the National Debt Helpline on 1800 007 007 (Monday to Friday 9.30am to 4.30pm) or chat online

Related links:

ASIC is Australia’s corporate, markets and financial services regulator.

Last updated: 23/12/2021 12:00