Following the recent publication of ACCC’s Scam Watch data for 2015, which showed that reported losses doubled in 2015, ASIC has told consumers and investors to wise up.
ASIC’s deputy chairman Peter Kell said the regulator is warning people to be more wary of fraudsters. Mr Kell said “Overseas-based scammers in particular commonly target consumers in wealthier countries such as Australia. People over 55, many of whom are looking for investment returns in a low interest rate environment, are often most at risk.”
In 2015, the top five types of scams reported to ASIC were:
- overseas cold-calling about investment opportunities
- overseas calls offering easy credit or loans after payment of an upfront fee
- sports arbitrage or gambling schemes
- money transfer schemes (job opportunity or other fraud)
- fake debt and invoice scams
ASIC warns that the pitch to consumers is often very professional, slick and believable, with scammers having sophisticated sales practices, call scripts, false paperwork, fake websites and made-up references.
“Do not send your money overseas for an investment offer that has come out of the blue. It’s as simple as that,” Mr Kell warned.
In a separate alert, the ATO has issued a warning to the public to be alert for con artists impersonating the ATO.
In a relatively new tactic, scammers are demanding payment of fallacious ATO tax debt by iTunes cards and pre-paid Visa gift cards purchased from supermarkets and department stores.
The alert highlights to the public that the ATO will never request the payment of a tax debt via gift or pre-paid cards.
The ATO reports that in April 2016 alone 26 people made payments totalling $174,830 by iTunes gift cards to fraudsters.
September 2016