Key points:
- ASIC is alerting consumers to an increase in the misuse of ASIC's logo on social media to promote fake investments and stock market trading courses. ASIC does not endorse or promote any investment training or platforms.
- ASIC does not cold call consumers about investments or refunds on investments.
- ASIC is not associated with any investment offerings and will never ask investors to pay for trading taxes or pay to release investment funds.
ASIC is warning consumers about the misuse of ASIC's logo on social media to promote fake investments and stock market trading courses and cold calling, and Telegram impersonations.
ASIC has received a number of reports about ads for a 'Stock Trading Master Class'. The ads have been seen on social media platforms, display the ASIC logo and claim to be sponsored by ASIC.
When consumers click on the ad, they are taken to a private Whatsapp group called Lonton Wealth Management Center. ASIC listed this entity on the Investor Alert List on 21 May 2024.
These social media advertisements are misleading consumers by:
- Displaying the ASIC logo. ASIC is not associated with this provider.
- Falsely claiming that the stock trading master class is sponsored/endorsed by ASIC. This is not true.
ASIC is also aware of repeated cold calls from persons claiming to be from ASIC attempting to engage with consumers in obtaining a refund on an investment. This is a concern as ASIC does not cold call consumers about investments or refunds on investments.
In addition, ASIC has also become aware of an impersonation account on Telegram, pretending to be an ASIC social media account. The operators of this account are asking investors for money to release their investment funds held in Australia.
This is concerning because:
- ASIC does not maintain a Telegram account.
- ASIC will never ask for money as upfront taxes or payments to release investments held in Australia.
- Entities that engage with consumers through private social media groups may be attempting to conceal their true identity.
How to tell a social media ad is not associated or endorsed by ASIC
A social media ad is not associated with ASIC if it:
- is using the ASIC logo to promote investing or financial products and services. ASIC will never endorse a product or training course.
- claims to have a relationship with ASIC - they may say they are 'supported' or 'sponsored' by ASIC.
- claims to be from ASIC but refers to a third-party.
- directs to a social media account with the ASIC logo, but the account has likely been recently created as it doesn't have a history of posts and is not using ASIC's social media handles.
ASIC's only official social media accounts:
- Facebook - MoneysmartAU
- X/Twitter - MoneysmartTeam
