Aggregated News From Investment Management Regulators

ASIC warns Indigenous consumers about scams

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The Australian Securities and Investments Commission, as one of the agencies responsible for the National Indigenous Consumer Strategy (NICS), urges Indigenous consumers to be wary of scams, including anyone calling them out of the blue asking for personal details or offering investment opportunities.

As part of National Scams Awareness Week, which began on 17 August 2020, agencies who are part of NICS are working together to remind Indigenous consumers that anyone can get caught out by a scam.

There were 2,767 scam reports from Indigenous consumers to the ACCC’s Scamwatch in 2019, a 14 per cent increase from 2018. The greatest losses were to investment scams ($1.1 million).

ASIC and the other members of NICS recommend these tips to Indigenous consumers:

  • Consumers should be careful before sharing information over the phone or online. If someone asks for personal details on the phone, consumers should hang up and call them back using details from their official website.
  • If consumers are contacted by someone offering an investment and ways to make easy money, consumers should ask for more information about the company, and research whether the company is legitimate.
  • Consumers should take time to think things through, and not be pressured into sharing personal information or investing your money.

If Indigenous consumers have been scammed, they can lodge a report of misconduct with ASIC or report to the ACCC’s ScamWatch. For more information and guidance on scams, including reporting scams, visit ASIC’s Moneysmart website or the ACCC”s scamwatch.gov.au.

About the National Indigenous Consumer Strategy

The National Indigenous Consumer Strategy is developed by Commonwealth, States and Territory consumer agencies, to focus efforts in working together to improve outcomes for Indigenous consumers.

For more information visit nics.org.au.

Scams impacting Indigenous consumers

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Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

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