OVERSEAS scammers are phoning or emailing vulnerable Australians claiming that the Australian Securities and Investments Commission (ASIC) has stopped investment proceeds and are holding them in a "trust".
The scams request that further funds are provided while the victim's profits are being held.
ASIC, which has received an increase in complaints about this particular scam, is warning anyone who receives a communication of this type to hang up or delete the email and block the sender.
"These scams are constantly evolving and are becoming more sophisticated in their efforts to convince unsuspecting consumers," said ASIC Deputy Chairman Peter Kell.
"Once the money paid to these callers goes overseas, it is almost impossible to recover.
"We strongly urge consumers to be wary of these scams and to be extremely cautious of any follow up communication."
How to protect yourself:
- If you receive an unexpected phone call or email claiming you are entitled to reclaim money for a fee, hang up or delete the email and block the sender.
- Never send money or give your financial details to someone you don't know and trust. Government departments and financial institutions will never ask you for your personal details via unsolicited email or text message.
- If you've provided your bank account or credit card details to a scammer, contact your bank or financial institution immediately.
You can report scams via the report a scam page on SCAMwatch or by contacting ASIC or on 1300 300 630.
