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Protect Yourself Before Investing

It's essential to take your time and perform thorough checks before making any investment. Here's how you can protect yourself:

Think you have been scammed?

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

  • Do not send any more money. Block all contact from the scammer.

  • Report it to your financial institution. If you are not happy with your financial institution’s response, you can make a complaint to the Australian Financial Complaints Authority.

  • 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.

  • Be wary of follow-up scams promising to help get your money back.

  • Report it to Scamwatch to help stop the scammer.

  • Warn your family and friends about the scam.

STOP

THINK

THINK

  • Avoid sharing personal information or acting on investment advice from suspicious websites or social media posts.

  • If you have any doubts, cease all communication immediately.

  • Be cautious of fake online reviews, including those on social media.

  • If you see government logos promoting a financial product, it is likely a scam.

  • Verify the identity of the person or entity you're communicating with. Confirm their legitimacy independently.

  • Consult BondReview’s investor alert list to stay informed about potential fraudulent, scam, or unlicensed investments.

  • Check the Australian Financial Complaints Authority (AFCA) website for the contact details of financial services businesses, and use these details to reach out directly to confirm the offer's authenticity.

  • Independently verify any claims, such as whether the investment is covered by the Australian Government deposit guarantee scheme.

  • Visit the website of any financial services business involved to see if they have issued public warnings about recent scams.

  • Research investments and their characteristics using resources from state and federal government websites. Follow advice from BondReview’s “Check Before You Invest” page.

  • Consider discussing the investment with your current financial institution or an independently sourced financial advisor, especially for substantial investments.

  • Take your time and reflect on the following:

    • Why does the investment document include a government agency logo?

    • Why have you been contacted?

    • Why is the offer not available online and only sent via email?

    • Why does the entity lack a digital footprint?

    • Why is the destination bank account for funds transfer in your name?

    • Why is the bank account held with another bank when the entity could offer these services themselves?

    • Why is the investment being issued by another large company when that company could do it themselves?

    • How does the interest rate compare to others in the market?

    • Do the contact details match those listed on the AFCA website?

    • Have you checked government websites about the investment and confirmed that the method aligns with official guidelines?

    • Does the Australian financial services license number exist on the official register?

    • Have you checked for scam warnings or conducted independent research on the offer?

  • If something feels wrong, act swiftly. If you've shared financial information or transferred money, contact your bank immediately.

  • Report the scam to Scamwatch to help protect others.

  • Directly contact the company the investment claims to be from using the contact details listed on their official website, which you can find through an independent internet search.

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