**Beware of Fake Investment Ads Misusing ASIC’s Logo**
In a recent development, the Australian Securities and Investments Commission (ASIC) has issued a scam alert warning consumers about the unauthorized use of its logo on social media platforms. These scams are promoting bogus investments and stock market trading courses, falsely implying that ASIC endorses or sponsors these offerings.
**The Misleading Ads: A Closer Look**
Reports have surfaced about advertisements for a “Stock Trading Master Class” using the ASIC logo and claiming sponsorship from the agency. It’s crucial to understand that ASIC does not endorse or promote any investment training or platforms. These misleading ads direct unsuspecting consumers to a private WhatsApp group under the name Lonton Wealth Management Center, which is notably listed on ASIC’s Investor Alert List.
Furthermore, there have been accounts of cold calls from individuals claiming to represent ASIC, attempting to engage consumers in conversations about investment refunds. It’s important to note that ASIC does not make unsolicited calls about investments or refunds.
**Identifying Scams Misusing ASIC’s Logo**
To protect yourself from falling victim to these scams, here are some tell-tale signs that an ad is falsely associating itself with ASIC:
1. **Unauthorized Use of ASIC Logo**: If an ad uses the ASIC logo to promote investment or financial products and services, it’s a red flag. ASIC will never endorse or sponsor any financial product or training course.
2. **False Claims of Relationship**: Be wary of ads claiming a relationship with ASIC, such as being “supported” or “sponsored” by the agency. Such claims are misleading and are part of the scam.
3. **Third-Party References**: If an ad purports to be from ASIC but refers you to a third-party entity, it’s likely a scam.
4. **Suspicious Social Media Accounts**: Check the social media account displaying the ASIC logo. A recently created account without a history of posts or which does not use ASIC’s official social media handles is suspicious.
**What Should You Do If You Encounter These Scams?**
1. **Stop Interacting**: Immediately cease any interaction with the suspicious ad or social media post.
2. **Verify Information**: Cross-check warnings and announcements on ASIC’s official social media accounts to ensure you’re getting accurate information.
3. **Report the Scam**: Inform Scamwatch about any scams you come across. Reporting helps protect others from falling victim to similar frauds.
4. **Take Action If Scammed**: If you believe you have fallen victim to a scam, do not send any more money. Instead, block the scammer and report the incident to your financial institution and Scamwatch.
Staying vigilant and informed is your best defense against these cunning scams. Always verify the authenticity of any financial opportunity and remember – if it seems too good to be true, it probably is.
