AUSSIES are being urged to pause and think carefully before parting with their money, with the corporate regulator warning that investment scams are becoming harder to spot.
The Australian Securities and Investments Commission (ASIC) advises investors to follow three key steps: Stop, Check, Protect.
Stop: Don’t be swayed by celebrity endorsements, glossy websites or so-called “guaranteed” returns. ASIC says scammers are skilled at making fake offers appear legitimate and often pressure people to act quickly.
Check: Always verify who you’re dealing with. A legitimate financial adviser or company must hold an Australian Financial Services (AFS) licence. These licences can be searched via ASIC’s professional registers. ASIC also maintains an Investor Alert List of suspicious businesses and websites. If a name appears there, avoid it.
Protect: Know what to do if things go wrong. Licensed companies are required to handle complaints, but investors dealing with unlicensed or offshore operators often have little recourse. High-risk investments, such as unregulated crypto schemes or overseas offers, may leave Australians without protection if they collapse.