The Australian Securities and Investments Commission (ASIC) has published an updated investor alert list to help consumers identify entities that may be fraudulent, unlicensed, or running scams. This new list replaces the previous "companies you should not deal with" list and now includes both Australian and international entities of concern to regulators. Additionally, the alert list features imposter entities.
If someone contacts you to offer an investment opportunity, or you find a suspicious website, be wary. It could be a scam. This investor alert list can help you know which companies, businesses and websites (or ‘entities’) are not to be trusted.
The companies, businesses and websites on this list:
- may be targeting Australian consumers;
- do not hold a current Australian financial services (AFS) licence or Australian credit licence from ASIC;
- are not allowed to offer investments in Australia.
How to protect yourself
- If someone is on this list, be wary of dealing with them.
- This list is provided as a warning to potential investors and is regularly updated. The name or contact details may have changed since an entry was added. Even if you can’t find a name on the list, it doesn’t mean you can trust it. Always do your own research and check before you invest.
- Ask yourself if you really know who you are communicating with? Scammers can use sophisticated techniques to impersonate a legitimate financial service business, copying logos and ABNs. Do your own research of investment offers and independently verify who you are dealing with.
- Be suspicious of anyone offering you easy money. Investment scams often involve promises of payouts for little or no risk, quick money, or guaranteed returns. But there’s always a catch.
- For more information about reducing the risk of investment scams, visit ASIC’s Moneysmart website.
What to do if you have encountered a scam
If you believe you may have been affected by an investment scam, please notify your financial institution as soon as possible.
Australian Mutual Bank members can speak to our Fraud Team by calling 13 61 91 or by emailing info@australianmutual.bank.
Help others by reporting the scam to Scamwatch.
If you or someone you know has been impacted and may need ongoing help, there are support services available. These avenues of support are available to help, listen and believe.
For more advice on how to avoid scams and what to do if you or someone you know is a victim of a scam, see our Security Advice section or visit the Scamwatch website.
