Australians lost over $3 billion to scams in 2022 alone. With investment scams being the most common, consider these insights so you can better protect yourself from online criminals.
This is a story where scammers created a website and emails that looked legitimate.
What was the scam? An example from Colonial First State (CFS)
A website was set up offering competitive, market-beating fixed interest opportunities. It claimed to partner with banks and fund managers around Australia to offer the best fixed income investments.
It also used reassuring language, saying interest rates were ‘fully insured’ to make the offer sound safe.
Potential investors came across the website simply by looking for investment opportunities through an online search.
The website contained a form for potential investors to get in touch. Through this, cyber criminals captured personal details including name, email address and phone number. They made contact using an email that was dressed up to look like it came from CFS and also via phone.
How did CFS respond?
When the CFS Financial Crime team became aware of this scam, they quickly took a range of actions. The team:
The CFS team also offered their expertise, and that of other trusted service providers, to help people who were affected by the scam.
What can you do to stay safe?
In this case, simple checks did not foil this scheme. For instance, calling the Contact Centre to verify the person on the email worked. So, what can you do?
Here are some other tips provided by the CFS Financial Crime team:
Source: Colonial First State
Bronson Financial Services
“At a time of industry upheaval, the support of Capstone has been a godsend. Everything they promised they delivered.If you are looking for a new licensee you cannot beat the Capstone service offering."
Canyon Financial Planning
“Capstone Financial Planning should be at the top of your list for a Licensee. Grant and his amazing team give a down to earth and personalised approach to supporting practices.”
Strategic Retirement Solutions
“I recommend Capstone to any adviser seeking to 'go out on their own'. They are a fabulous licensee!”
Everalls Wealth Management
“With Capstone I can operate my business free from conflict. They have no in-house products, a flexible APL, and an extensive list of SMA solutions. I recommend Capstone highly.”
Nett Assets
“I can highly recommend Capstone for planners seeking an independent licensee that’s not in your face but provide quality support services. Their service and support is second to none and has allowed us to concentrate on providing our clients with a premium level of service.”
Paradigm Principle
“Having been with Capstone for a number of years, one thing that really stands out is their willingness to help and can do attitude. These are qualities we really appreciate.”
IEC Advisory
“The team at Capstone are all genuinely really good people. They are remarkable with their service culture. They really do care what you think, and they are genuine about our joint success into the longer term.”