Have you ever been scammed?


Most victims of scams can never recover their lost money, but by taking immediate action it’s possible to reduce the damage and avoid yet another danger – the follow-up scam.

Despite public awareness of scams, the perpetrators’ methods are becoming increasingly sophisticated and otherwise savvy people are falling victim.

It’s almost impossible for victims to get their money back because most of the fraudulent companies are international, placing them outside of Australian Government jurisdiction.

However, the following steps may help to minimise the financial loss, and make it harder for these criminals.

1. Contact your bank.

Do this as soon as you become aware of being scammed; quick action may be able to stop money transfers. At the least your bank will be able to close your account or cancel your card so that the scammers won’t have further access.

2. Report the scam.

It’s very important to stop the scam from spreading by identifying the scammers and warning other potential victims. On the Australian Competition & Consumer Commission’s (ACCC) website www.scamwatch.gov.au there is an online form and phone number to report scams.

3. Beware of follow-up scams

Follow-up scams focus on people who have already been scam victims because the perpetrators see them as an easy target. Look out for the following clues:

  • You receive an offer to swap your investment for another one in order to recover your losses.

  • You receive an offer to buy your shares at a premium provided you pay a fee to have “restrictions” on the shares lifted.

  • Someone offers you assistance to locate the person that originally scammed you but you must pay travel and accommodation costs.

  • Anyone claiming assistance recovering your losses for a fee. Often they’ll explain this fee is a tax, deposit or a refundable insurance bond.

If you have become a victim of a scam and are subsequently contacted for these or any other reason you feel is suspicious, you should immediately cease any discussion with the person and report the call or email.

With so many scams in operation and growing on a daily basis, it pays to stay informed. The www.scamwatch.gov.au website is continually updated and is a good place to visit regularly. Improving education and awareness is the best way to beat this scourge.

Sources:

Australian Competition & Consumer Commission’s (ACCC) website www.scamwatch.gov.au

ASIC MoneySmart website www.moneysmart.com.au - recovering your losses

Scams and the numbers of those falling victim to them are increasing. Even well-informed people are getting caught so it’s a very good reminder.

Our business is all about growing and protecting your wealth.

Book in a free, no obligation appointment at www.investmentzone.com.au/bookonline or call us on 1300 124 683

The information in this communication is information only and has been prepared on a general advice basis only. The information has been prepared without taking account of your specific objectives, financial situation or needs. Accordingly, you should, before acting on the advice, consider the appropriateness of the advice having regard to your objectives, financial situation, and needs. In cases where the advice relates to the acquisition, or possible acquisition, of a particular financial product, you should obtain a Product Disclosure Statement (or other relevant information statements) and consider such document before you make any decision about whether or not to acquire the product. For these reasons, it is imperative that you seek advice from your financial adviser before making any investment decisions. Investment Zone Pty Ltd (ABN 18 104 622 611) provides financial services as a Corporate Authorised Representative no. 296974 of Financial Force Pty Ltd ABN 42 091 425 464, AFSL no. 238337

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