Protecting yourself from scams

Always be on the lookout for contact from scammers on email, phone, text message or social media. Look out for suspicious or unexpected activity across your online accounts and report anything immediately. If someone contacts you asking for access to your computer, always say no.

The ACCC warns that scammers:

• Try to gain trust by claiming to be from a well-known business or impersonating a known contact.
• Will suggest their own verification procedures, like going to websites they have created or calling numbers they provide to you.
• Know how to appeal to your emotions and press your buttons to get what they want.
• Create a sense of urgency to get you to make decisions without thinking.

Source: ACCC, Scamwatch, Spot the scam signs

The Australian Securities and Investment Commission’s MoneySmart website² says every scam is different and can be very difficult to spot, and anyone can be scammed.

Investment scams can include:

• An investment offer that is completely fake.
• An investment exists, but the money you give the scammer doesn't go towards that investment.
• The scammer says they represent a well-known investment company, but they're lying.

In all cases, the money you “invest” goes straight into the scammer's bank account and not towards any real investment.

There are warning signs you may be being scammed. Look out for whether the person offering you an investment opportunity:

• Does not have an Australian Financial Services (AFS) licence or says they don't need one.
• Calls you repeatedly, keeps you on the phone, or emails you a lot.
• Demands you make a quick decision, or you will miss out on the deal.
• Offers professional-looking prospectuses, brochures, share certificates or receipts, but their prospectus isn't registered with ASIC.

ASIC says if you spot any signs of a scam, hang up the phone or delete the email they have sent you.

If you manage to record any of the scammer's details, report them to ASIC or to Scamwatch.