ASIC issues urgent warning over fake Moneysmart scams as enforcement surges

Brokers are being urged to alert clients following an ASIC warning about scammers impersonating the Moneysmart website to promote fake investment opportunities.

The regulator said several fraudulent sites are mimicking the official Moneysmart website but use different URLs. The legitimate address is moneysmart.gov.au.

“The fake websites look similar to the Moneysmart website but contain a different URL that is not moneysmart.gov.au,” ASIC said in a media release. “They often promote big returns of thousands of dollars for an initial small sum of money, for example, $300 or $400 as initial payment.”

The imitation sites use urgency and emotional triggers to lure victims.

“The fake websites promote investment options and contain words that create a feeling of urgency to invest, such as talking about the poor state of the economy, the potential of ‘missing out’ and the need to act or invest ‘today’,” the regulator said.

Crackdown comes as ASIC ramps up enforcement

The alert comes as ASIC intensifies its compliance efforts, lifting investigations by 50% and increasing civil enforcement cases nearly 20% over the past year.

Chair Joe Longo (pictured) said a wave of targeted surveillance and operational upgrades is helping the regulator respond faster to emerging threats, including scams.

“The ongoing operational uplift at ASIC has helped to deliver a 50% increase in investigations, an almost 20% increase in new civil enforcement proceedings and the completion of 829 targeted surveillances,” Longo said in a media release.

He added that ASIC is tackling risks from AI, private credit, and digital misconduct, ensuring market integrity remains front of mind.

“We are taking impactful enforcement action and a leading approach to solving regulatory problems to protect consumers and support the integrity of our markets,” Longo said.

Stop, Check, Protect: ASIC’s message to consumers

ASIC’s Moneysmart team urged the public to follow three key steps – Stop, Check and Protect – before engaging with any online investment offers.

• Stop: Be cautious before clicking links from emails or social media ads.
• Check: Confirm the website URL is moneysmart.gov.au and includes “.gov.au.”
• Protect: Report suspicious sites to Scamwatch with screenshots and web addresses.

“Watch out for websites that promote an investment opportunity with a simple initial payment and claims to be or endorsed by ASIC or Moneysmart,” ASIC warned.

If you’ve been scammed

ASIC said anyone who suspects they’ve been targeted should act quickly:

1. Stop sending money and block contact.
2. Notify their bank immediately.
3. Report the incident to Scamwatch.
4. Contact IDCARE, a free government service that assists identity theft victims.

“IDCARE will never contact you out of the blue,” ASIC said.

For more information, visit Moneysmart’s guide to spotting a scam.

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