Australian Financial Regulator Warns of Impersonation Scams Again

On March 27, Australian Securities and Investments Commission (ASIC) issued a warning against scams that impersonate the regulator. It described the characteristics of the scam and offered advice to those who may have been scammed.

The scammers were known to contact potential victims claiming that ASIC was investigating bank employees who had illegally accessed bank accounts and said the victim's funds was exposed to risks.

The fraudsters asked victims to transfer funds to a designated ‘secure’ account, which was “fully insured and created through APRA.”

In addition, the fraudster incorrectly gave the address of ASIC's Sydney office as “86-100 Market Street, Sydney” and even signed the letter with “ACIS”.

The Australian regulator clarified that it does not create bank or investment accounts and does not ask people to transfer money.

ASIC emphasized that it uses Australian telephone numbers beginning with “+61” and sends emails to an email address ending with “@asic.gov.au” if necessary.

The regulator advised people to check the authenticity of the information with the official ASIC telephone number and not to take any action before the confirmation.

If someone believes him/her has been scammed, one should stop further transfers, watch out for subsequent scams promising refund and contact their bank, ScamWatch and IDCARE, as well as alerting family and friends to the scam.