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.