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Interactive investment scams are on the rise, with fake websites popping up that promise everything from stable investments to fully guaranteed and regulated bonds. Some of these sites even go so far as to list Elon Musk’s SpaceX as an investment option.
The Australian Financial Review has found a group of scammers targeting investors has already cheated people in the United Kingdom, Europe and Canada and is now turning its attention to Australia. Fraudulent individuals optimize Google results to make scam investment opportunities more visible and easily accessible for users searching.
Several scam websites were displayed to users searching for terms like Australian bonds, high-yield investments and fixed bond rates on Google’s paid search advertising platform, AdWords, as of late July. These websites, such as AusBondTrust, Au-Investor and Millenium Bonds, are frequently illegitimate comparison services. They trick users into submitting their contact information which the scammers then use to follow up with them via email or phone.
CyberCX, a cybersecurity firm, shared with the Financial Review a list of conceivable fraud websites commanding prominent spots in search results. The website’s functionality, backend design, and hosting providers suggest that one organization operates dozens of fraudulent sites.
“This stands out to me because the bad actor has done in-depth research to discover which financial instruments people might want depending on recent events,” said CyberCX cyber intelligence analyst Oliver Smith.
The Australian Securities and Investments Commission (ASIC) has seen a surge in reports about scammers pretending to be from well-known financial service providers and a rise in investment scams.
“ASIC is aware that there has been an increase in complaints relating to possible ‘clone firm’ websites, and we are investigating these matters,” an ASIC spokesperson said.
If you believe you have been the victim of an investment scam, you should immediately contact your bank or financial institution. You can also report the fraud to ASIC or the Australian Competition and Consumer Commission (ACCC).
The ACCC’s Scamwatch service has received more than 2,200 reports about investment scams this year, with losses totalling over $5 million. This is a sharp increase from the 1,200 reports received in 2021, with losses of $2.7 million.
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