What's an investment scam?
An investment scam is when someone contacts you out of nowhere, either via phone or email, offering the chance to invest in a 'once-in-a-lifetime opportunity'.
Whether it’s a cold call from a scammer pretending to be a stock broker or portfolio manager, or being approached via social media or email with a money-making opportunity that requires you act quickly, you’re promised the investment will provide excellent returns and involve very little risk on your behalf. It will sound like a win-win for you or your business.
The scammer often sounds legitimate and knowledgeable and will throw facts, figures and projections at you to make their investment seem too good to miss out on.
However, investment scams are not the only risk you should consider when investing. It’s important you understand the risks associated with any investment. For independent information about investment choices you should visit ASIC’s Moneysmart website, which has useful information on products such as term deposits, as well as tips on how to choose a financial adviser.
Been scammed? What next?
Get in touch
If you (or someone you know) is a CommBank customer and has been targeted or lost money as a result of being scammed, call us immediately 24/7 on 13 2221.
Report the scam via the Australian Cyber Security Centre. Reports may be referred to the police for possible investigation.
Take control and stay protected
Change your passwords and PINs straight away if you suspect your security has been compromised. Change these regularly as a preventative measure.
Contact IDCARE on 1800 595 160 or via www.idcare.org. IDCARE is a free, Government-funded service that provides support to victims of identity crime.
See more about scams that target businesses.
Visit the ScamWatch website for more information on scams.