Cryptocurrency and celebrity endorsement impersonations are amongst the most frequent scam activities targeting consumers. These ever-evolving types of financial fraud continue to threaten investors and small businesses, with reported losses reaching more than $192 million in Australia last year.
Scammers are utilising Artificial Intelligence (AI) and deepfake technology, to deceive consumers with the promise of large, guaranteed returns. We’re urging customers to be vigilant and do independent research before making any type of investment.
Beware of ‘celebrity endorsed’ investment opportunities, fake ‘news’ articles circulated on social media and other websites, and investment opportunities offered by unsolicited contact (via email, SMS or social media). Always do robust due diligence and use a licensed Australian financial services provider when you invest.
Help keep your money and your personal data safe by following these steps:
- Check the company or person is licensed and holds an Australian Financial Services licence before investing.
- Do thorough independent research to ensure scammers aren’t impersonating a legitimate company/investment firm.
- Reach out to your bank’s Financial Crime Team and ask for their assistance with identifying any known red flags before investing.
- Make sure you fully understand the investment and how it works, as well as how much risk you’re taking on by investing.
Visit the MoneySmart website for more information and tips on what to do before you invest.
If you think you’ve fallen victim to a scam, you should notify us immediately. We will act quickly to attempt recovery of the funds on your behalf, however there is no guarantee that this will be successful, and timely notification is critical.