Unfortunately some people try to gain financial advantages from others good nature and may inappropriately seek other’s financial information.

Other than having a healthy sense of skepticism we suggest if something is too good to be true then it probably is just that.

Two basic methods of reducing your risk of financial or investment fraud are:

  • to hang up on unsolicited phone calls offering overseas investments; and
  • to check that any company they are considering investing in has a valid Australian Financial Services Licence by visiting the MoneySmart website.

Further, keep strict control on providing your bank and Tax File Number details. Unsolicited requests, eg a generic email from what might be your bank are most likely fraudulent. Remember banks predominantly provide written or face to face communication. If in any doubt don’t give your information out.

For more information, and to report suspected fraud to the Australian Securities & Investments Commission:

  • visit the MoneySmart website
  • phone 1300 300 630
  • speak to local police.

Any information, such as company name, location and contact details, will assist with investigations.