Reports indicate that scammers have been contacting individuals via phone calls and emails, falsely claiming that a payment is required to release funds or assets.
ASIC has confirmed that it does not request payments in any currency to facilitate the release of funds or assets. It also does not accept payments in cryptocurrency or other digital assets and does not authorise third parties to use its logo or name to endorse financial services.
A recent case involved scammers seeking payments in US dollars from an investor, falsely claiming that the transaction was necessary to access their funds. ASIC has categorised such schemes as recovery scams, which often target individuals who have previously lost money, promising financial restitution in exchange for additional payments.
Consumers are advised to verify whether an organisation is licensed to provide financial services by checking ASIC’s Professional Registers. If an unsolicited communication appears to be from ASIC, the regulator urges individuals to independently verify its authenticity by contacting ASIC directly through official channels.
ASIC has outlined the following ways to confirm the legitimacy of its communications:
Over the past year, ASIC has taken down more than 10,000 scam-related sites, including fake investment platforms, phishing links, and cryptocurrency scams.
ASIC’s enforcement actions include legal proceedings against HSBC Australia, which the regulator claims did not implement sufficient anti-scam measures to protect customers, leading to significant financial losses. This lawsuit follows a broader review of smaller financial institutions, separate from the country’s major banks.
In the last six months of 2024, ASIC initiated 109 new investigations – a 31% increase compared to the previous period. The regulator also launched 15 court cases, completed 376 surveillance activities, and secured $46.6 million in civil penalties, along with 13 criminal convictions.
As scams remain prevalent in the country, the Australian Financial Complaints Authority (AFCA) will soon gain new powers to investigate the role of receiving banks in scam-related transactions.
Under current regulations, AFCA can only assess actions taken by the bank that transferred the funds.
Assistant Treasurer and Minister for Financial Services Stephen Jones said the new directive is part of broader government reforms aimed at strengthening consumer protections and financial accountability.
