Common scams - video transcript

Transcript of video about some common scams, presented by Tim, ASIC's Misconduct and Breach Reporting team, uploaded 30 June 2014. 

What are scams?

Scams refer to the various ways in which dishonest individuals, companies or groups attempt to fraudulently obtain your money, or something else of value such as your banking details.

Some common scams are:

  • Sports betting or gambling schemes where you are sold software or a service guaranteeing large returns on bets.
  • Money transfer scams where you are promised huge rewards typically by transferring money or giving your bank account details. These usually originate from well outside Australia – and we often refer to these as Nigerian.
  • False invoice or billing scams where you are receive a bill for something you have not ordered.
  • ‘Phishing’ or lottery scams where you receive an email or text messages requesting your personal information including your banking details.


For more information about these scams visit our MoneySmart website or report these scams to the Australian Competition and Consumer Commission through their SCAMwatch website.

Does ASIC deal with scams?

ASIC is concerned about scams that involve financial or credit products which we regulate.

For example, a type of scam that we see a lot of is scammers calling from overseas trying to sell investments in overseas shares or other products. This is known as ‘cold calling’.

Usually, cold calling scammers posing as brokers will call or email you out of the blue. The warning signs to look for include high-pressure sales tactics and unrealistic returns.

What do I do if I think I am being scammed?

If you receive a phone call or email requesting your personal or banking information, hang up the phone or delete the email and block the sender.

Remember that government departments and financial institutions would never ask for your personal information in this way.

If you’ve provided your bank account or credit card details to a scammer, contact your bank or financial institution immediately. 

Does ASIC deal with scams?

ASIC is interested in scams about:

  • investments promising returns that are too good to be true
  • unsolicited offers for loans or insurance, for which you might pay a set-up fee but never receive the loan or insurance product
  • pyramid marketing schemes involving a financial product, such as managed funds or insurance.


If you think it's a scam that ASIC can deal with visit our website.

Information about whistleblowers

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Warren Day, Senior Executive Leader, Assessment and Intelligence talks about ASIC's role in relation to whisteblowers.

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The Corporations Act and whistleblowers

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How the Corporations Act recognises and protects whistleblowers.

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Fair Work Ombudsman

You can contact the Fair Work Ombudsman if you would like to report someone who isn't complying with workplace laws or you need help in resolving a workplace issue.


Last updated: 16/01/2017 04:11