ASIC warns of new trust fund scam

The Australian Securities and Investment Commission (ASIC) is urging the public to be wary of cold callers claiming that their investment proceeds have been stopped by ASIC and are being held for them in a trust.

The calls are being made from overseas and are not legitimate. ASIC is advising anyone who receives an unexpected phone call along these lines to simply hang up and also to delete any emails they may receive of the same nature and block the sender.

The scams ask individuals to provide further funds while ASIC holds their profits in a trust.  

ASIC Deputy Chairman Peter Kell said, “These scams are constantly evolving and are becoming more sophisticated in their efforts to convince unsuspecting consumers.”

“Once the money paid to these callers goes overseas, it is almost impossible to recover. We strongly urge consumers to be wary of these scams and to be extremely cautious of any follow up communication.”

If you think you have been a victim of this scam or believe your account may have been compromised, you should contact your bank or financial institution immediately.

It is vital to remember that you should never send money or give financial details to someone that you don’t know and trust.

Have you been the victim of a scam recently? Did you know you can report scams on SCAMwatch?

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Dodgy internet pop up scams
Little Black Book of Scams

Written by Ben


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