### Beware of Scams Misusing ASIC’s Branding on Social Media
In a recent alert, ASIC has raised concerns about the misuse of its branding on various social media platforms. The alert serves as a critical warning for consumers about fraudulent social media advertisements that illegitimately utilize ASIC’s logo to promote deceptive investments and stock market trading courses. These misleading ads frequently claim to be endorsed or sponsored by ASIC, which is categorically false.
The primary objective of these scams is to lure unsuspecting consumers into clicking on the fake advertisements. Once clicked, users are often redirected to private social media groups or external websites where they are manipulated into providing personal and financial information. To safeguard oneself from falling victim to these scams, ASIC offers the following advice:
#### **Identifying Fake Ads:**
1. **Logo Use**: Remember, ASIC will never utilize its logo to promote any investment or financial products and services. Authentic ASIC communications do not include brand endorsements for private enterprises.
2. **Relationship Claims**: Be wary of advertisements that claim to be “supported” or “sponsored” by ASIC. Such claims are red flags indicating that the ads are likely scams.
3. **Third-Party References**: If an ad appears to be from ASIC but makes references to third-party entities, it is most likely fraudulent.
4. **Newly Created Accounts**: Fake social media accounts tend to misuse ASIC’s logo yet lack a history of posts and do not utilize ASIC’s verified social media handles. These accounts are often newly created and should be regarded with suspicion.
#### **Official ASIC Social Media Accounts:**
To verify the authenticity of information, consumers should refer to ASIC’s official social media accounts:
– **Facebook**: MoneysmartAU
– **Twitter**: MoneysmartTeam, @asic_connect, and @asicmedia
– **Instagram**: MoneysmartAU
– **LinkedIn**: ASIC
#### **Protect Yourself from Scams:**
For those who encounter these deceptive ads, it is essential to take safety measures:
1. **Stop Clicking**: Avoid engaging with suspicious ads.
2. **Think Critically**: Evaluate the legitimacy of the ads critically before taking any action.
3. **Report and Protect**: Report fraudulent ads to the respective social media platforms and Scamwatch to help curb the spread of misinformation.
If you suspect that you’ve been scammed, it’s crucial not to send any more money to the scammers. Here are further steps to protect yourself:
– **Block Contact**: Cease all communication with the scammer immediately.
– **Notify Financial Institutions**: Report the fraudulent activity to your bank or financial institution to prevent any further financial loss.
– **Seek Assistance for Identity Theft**: If your identity has been compromised, seek help from organizations like IDCARE for support and guidance.
Stay vigilant and informed to protect yourself from online scams that misuse trusted brand identities such as ASIC’s. By following these precautionary steps, consumers can significantly reduce the risk of falling prey to fraudulent schemes on social media.
