The Australian Securities and Investments Commission (ASIC) has warned investors that scammers have polished their deceptive strategies and now pose as “little-known”, sanctioned financial services in order to obtain access to bonds and term deposits.
ASIC Issues Warning About New Scam Targeting Bonds And Term Deposits
These fraudsters reportedly zoom in on providers with no digital footprint. According to ASIC, they clone the disclosures, addresses, International Securities Identification Numbers (ISINs) and other official registration information of a targeted financial company. ASIC further indicated that the scams involve mirrored investment maturity dates, coupons and credit ratings.
Apart from lesser-known organisations, these confidence tricksters create fake online marketing content from widely known financial services providers. In its statement, ASIC said:
The ads lead consumers to an online enquiry form which scammers use to collect personal information, such as their name, email address, and telephone number.
ASIC cautioned investors that scammers are moving away from a “too good to be true” approach and are turning to presenting professional-looking fake investment documents, which make a proposal appear like a reasonable venture. Based on ASIC’s information, fraudsters may refrain from rushing victims to make a decision in order to seem authentic.
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Fraudulent application forms require seemingly legitimate details such as personal identification numbers and documents. Once completed, victims must transfer funds into the scammer’s bank account.
ASIC urged investors to be vigilant and to look out for phrases such as “secure”, “free” or “guaranteed” in advertisements and documents. Among others, ASIC also flagged financial service providers with limited or no digital presence, those issuing bonds or term deposits on behalf of prominent companies, and fake online reviews.
