Australia’s
securities regulator has warned that scammers are creating fake versions
of its Moneysmart website to trick people into handing over
personal details and money for bogus investment schemes.
Fake Moneysmart
Sites Target Australian Investors
The
fake sites copy the look and feel of the legitimate Moneysmart.gov.au but
use different web addresses. They’re designed to harvest names and email
addresses from people interested in learning about investing, according to
an alert issued by the Australian Securities and Investments Commission (ASIC)
today (Thursday).
The
fraudulent pages contain language meant to create pressure on potential
victims. They reference economic troubles, warn about “missing
out” on opportunities, and urge people to act “today.”
Many promise returns of thousands of dollars from initial deposits as
small as $300 or $400.
“The
legitimate Moneysmart website will never ask consumers to provide personal
information with a view to promoting investment options, or contact
consumers to propose or offer investment options,” ASIC said in its
alert.
The
regulator emphasized that Moneysmart will never ask people to pay
money to enter an investment.
Regulators Ramp Up
Takedown Efforts
ASIC
has been expanding its fight against online fraud. The agency removed
6,900 investment scam and phishing websites in the year ended June 30,
according to its annual report. In August, the regulator announced it was
expanding its takedown capabilities to include fraudulent social media
advertisements.
Since
launching its website takedown program two years ago, ASIC
has knocked out more than 14,000 malicious sites and continues removing an
average of 130 each week.
The agency
has also observed an uptick in celebrity impersonation schemes. More than 330
investment scam websites using images of well-known Australians were
shut down in the first half of 2025, representing a 25% increase
compared to the same period in 2024.
Some scammers
have also been making false claims about government investment schemes,
ASIC noted.
What Consumers Should Do
ASIC advises
people to verify they’re visiting the correct domain, moneysmart.gov.au, before
entering any personal information. The “.gov.au” suffix
indicates an Australian government website.
Anyone who
receives investment advice from someone claiming to represent ASIC or
Moneysmart should hang up, report the contact, and block the number.
People
who believe they’ve been scammed should immediately stop sending
money, block contact with the scammer, and alert their bank or financial
institution. They should also report the incident to Scamwatch, a
government-run service that tracks fraud.
Investment scams
remain the biggest source of financial loss from fraud in
Australia. Australians lost $945 million to investment scams in
2024, making it the leading category of scam-related losses, according to
the National Anti-Scam Centre.
This article was written by Damian Chmiel at www.financemagnates.com.
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