The Australian Securities and Investments Commission (Asic) has received an increased number of reports from consumers who have lost money after responding to advertisements disguised as fake news articles.
The articles are mostly promoting crypto investments and contracts for difference (CFD) trading.
Asic said that the fake articles are spread via social media and impersonate real news outlets including Forbes Business Magazine.
The Aussie regulator added that advertisements and websites falsely using Asic logos or misleadingly saying the investment is “approved” by Asic
Report scams
Asic said: “Many of these scams originate overseas. Once money has left Australia, it is extremely hard to recover, and it is unlikely ASIC will able to assist you to get your money back.
“If you transferred funds via bank transfer or credit card, you should contact your financial institution as they may be able to reverse the transaction. If you have paid scammers via crypto-assets, your bank or credit union won’t be able to assist.
“We encourage you to report investment scams to ASIC through our website. Your report will assist us in disrupt scammers and warning others.”
