Consumers warned about scam promising access to trust funds

ASIC urges public to be wary of cold callers threatening access to their funds.

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?



    To make a comment, please register or login
    9th May 2017
    As Einstein once said "There are only two things which are infinite, the universe and human stupidity. But I'm not sure about the universe". A man with understanding of the human condition.
    9th May 2017
    How stupid can people be, if a person is that vulnerable they should NOT have a phone, only an emergency button, or have a call divert to relatives to screen the calls.
    Try saying thank you for the info, I'll ring ASIC immediately and give them what for! If you're not expecting a trust to pay out then chances are it won't
    9th May 2017
    Sadly many oldies trust the person on the end of the phone. It is really hard when parents are losing it but still demand their independence.
    I have caller ID and I don't pick up the phone to private or unknown numbers. They can leave a message if it is important.
    9th May 2017
    Rosret, many organisations that offer help to the aged e.g. My Age Care often come through as Private Number, this can be very confusing to any older folk who rely on their services and contact from them.
    Time these organisations realised they should show the phone number so people will pick up the phone.
    9th May 2017
    If you look for something for nothing --- you will get nothing for something

    9th May 2017
    Just while we are at it I believe another scam to get details of what is on your Mobile phone if someone rings and asks can you hear me do not answer hang up immediately, somehow they can get your details if you answer.
    10th May 2017
    Ys saw that Roby -- they really try anything these days and we have to be SO aware

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