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How to spot an investment scam and what to do before you invest

According to Scamwatch Australia, a reported $851 million was lost to scams in Australia in 2020, with $328 million comprising of investment scams.
Investment scams aim to get unsuspecting people to hand over money. The techniques used are becoming increasingly sophisticated with fraudsters designing professional looking fake websites with real company logos, appearing knowledgeable and using testimonials and marketing material to capture personal information such as your phone, email and bank details.
Fortunately, there are ways to spot an investment scam:

How to spot an investment scam

Look out for contacts who:
If you spot any of these signs, hang up the phone or delete the message or email. If you manage to record any of the scammer’s details, report them to the Australian Securities and Investments Commission (ASIC).

What to do before you invest

1. Ask questions and request information
Check the legitimacy of the person offering the investment by asking them:
If they try to avoid answering these questions, their investment offer is probably a scam. Hang up the phone, do not respond to the message or email. Stop dealing with the person or delete and block them if it’s through social media.
2. Do your research on the offer
Even if the person can answer your questions, it doesn’t always mean the investment is legitimate. Don’t rely on their information, do your own research and don’t be pressured to make a quick decision you could regret later. Check:
3. Get financial advice from a trusted resource
Always talk to us before you invest in any opportunity. Growing and protecting your financial wellbeing is our priority, to discuss your needs give us a call on (03) 9896 5100.
Finally, if you think you have been the victim of an investment scam:

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