Key points
- Scammers are impersonating Bunnings Warehouse by offering fake sustainability investment bonds.
- The scam offers higher than market returns and claims that investments are protected by the government.
- It contains links to Bunnings' genuine website, but Bunnings does not offer bonds or any other investment products.
ASIC is warning consumers about scammers impersonating legitimate businesses and offering fake investments, such as the recent investment bond scam impersonating Bunnings. The scammers set up webpages that appear to be genuine by containing links back to the real businesses' websites including popular retail brands such as Bunnings and Australian financial service licensed entitles.
How it works
The scammers target people through a fake website highlighted in internet searches for investment opportunities, as well as direct spam emails posing as a responsible entity or broker which directs them to the fake website.
The website features Bunnings branding and hyperlinks that direct back through to the retailer's genuine webpage in a bid to appear legitimate.
Consumers are offered three investment options ranging between $50,000 and $250,000, with higher than market returns of up to 9% advertised. The scammers claim falsely that the investments are backed by Bunnings and protected under government finance regulations.
Background
Investment scams: What to look for
ASIC has published a number of articles on its ASIC and Moneysmart website in relation to investment scams and what to look out for. Links to these articles, and previous warnings regarding other fictitious bonds, can be found below.
If you wish to learn about how to invest in bonds, visit ASIC's Moneysmart page Bonds.
Related links
- Warning: Scammers offering fake green bonds
- Scam alert: Scammers are changing the way they impersonate financial services businesses in sophisticated bond and term deposit scams
- Imposter bond investment scams
- Investment scams
Be alert to investment scams
When it comes to investment scams, remember these three things:
STOP - Don't give personal information or act on investment advice you have come across on online including on social media. Don't feel pressured to invest. If you have any doubts, stop communicating with them.
CHECK - Ask yourself if you really know what you are investing in. Scammers can create fake digital ads, websites, news and reviews to make an investment seem legitimate. Do an internet search to see if there are warnings about this investment scam, including if a well-known public figure has warned about being impersonated. And check ASIC's website to confirm if the person or entity offering the investment is licenced or authorised to do so.
PROTECT - Act quickly if something feels wrong. If you have shared financial information or transferred money, contact your bank immediately. Help others by reporting scams to Scamwatch.
Find out more about how to spot an investment scam.
Think you have been scammed?
If you think you've been scammed, take these steps fast:
- Do not send any more money. Block all contact from the scammer.
- Report it to your bank or financial institution. Contact your bank or financial institution and ask them to stop any transactions. If you are not happy with your financial institution's response you can lodge a complaint with them. If you are not happy with this response, you can make a complaint to the Australian Financial Complaints Authority.
- Contact IDCARE, a free government-funded service, which can help to develop a specific response plan if your identity has been compromised. IDCARE will never contact you out of the blue.
- Be wary of follow-up scams promising to help get your money back.
- Report it to Scamwatch to help stop the scammer.
- Warn your family and friends about the scam.
Go to what to do if you've been scammed for more detailed steps.
