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Scam alert: Consumers warned about scammers impersonating ASIC requesting funds transfers

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Key points

  • Scammers are sending communications impersonating ASIC requesting recipients transfer funds from their bank account
  • ASIC will not ask you to transfer your money between bank accounts
  • If in doubt, call ASIC to verify the communication you have received is legitimate

ASIC warns consumers about a scam impersonating ASIC.

The scam:

  • claims to involve an ASIC investigation into the unlawful accessing of recipients’ bank account by bank employees
  • claims the security of recipients’ funds has been compromised
  • requests recipients transfer funds from their bank account to a ‘secure’ account nominated by the scammers as a ‘safety’ precaution
  • claims the new bank accounts are ‘fully insured and created through APRA’
  • Incorrectly lists ASIC’s Sydney office as “86-100 Market Street, Sydney” and
  • signs the letter from someone purporting to be from “ACIS”

ASIC is not involved in the creation of bank or investment accounts and would never ask you to transfer money between accounts. 

ASIC will always send communication from an email address ending in @asic.gov.au.

ASIC will always call you from a telephone number using Australia’s country code “+61”. If asked, an ASIC employee will provide you with an email from their asic.gov.au email address to confirm the legitimacy of the contact.

What to do if you believe you have received false communications?

  • Do not take any action until you are sure the communication is legitimate
  • Call ASIC on 1300 935 075 and ask for the communication to be verified

False communications: Common errors to look out for

  • Misspelling of ASIC’s name or email address – the letter uses ACIS and the email address is incorrect - ASIC will always send communications from an email address ending in @asic.gov.au
  • Correspondence provides guarantees and uses other similar language
  • Business address does not match ASIC’s website
  • Phone number missing or does not match ASIC’s website

Think you have already been scammed?

If you think you’ve been scammed, take these steps fast:

  1. Do not send any more money. Block all contact from the scammer.
  2. Report it to your bank or financial institution. Contact your bank or financial institution and ask them to stop any transactions. If you are not happy with your financial institution’s response you can lodge a complaint with them. If you are not happy with this response, you can make a complaint to the Australian Financial Complaints Authority.
  3. Contact IDCARE, a free government-funded service, which can help to develop a specific response plan if your identity has been compromised. IDCARE will never contact you out of the blue.
  4. Be wary of follow-up scams promising to help get your money back.
  5. Report it to Scamwatch to help stop the scammer.
  6. Warn your family and friends about the scam.

Go to what to do if you’ve been scammed for more detailed steps.

Example of Scam letter - click to enlarge

Background

Be alert to scams

When it comes to investment scams, remember these three things:

STOP – Don’t give personal information or act on investment advice you have come across on online including on social media. Don’t feel pressured to invest. If you have any doubts, stop communicating with them.

CHECK – Ask yourself if you really know what you are investing in. Scammers can create fake digital ads, websites, news and reviews to make an investment seem legitimate. Do an internet search to see if there are warnings about this investment scam, including if a well-known public figure has warned about being impersonated. And check ASIC’s website to confirm if the person or entity offering the investment is licenced or authorised to do so.

PROTECT – Act quickly if something feels wrong. If you have shared financial information or transferred money, contact your bank immediately. Help others by reporting scams to Scamwatch.

Find out more about how to spot a banking scam.

Banking scams: What to look for

ASIC has published a number of articles on its ASIC and Moneysmart website in relation to banking scams and what to look out for. Links to these articles can be found below.

Related links

Further support

If you need to talk to someone, contact:

  • Lifeline on 13 11 14 (24 hours) or their crisis support online chat or
  • Beyond Blue on 1300 22 46 36 (24 hours) or their web chat

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

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

Topics

dealing with asic