We’ve all watched documentaries and shows on Netflix, such as Tinder Swinder, Inventing Anna, The Wolf of Wall Street, and the FYRE festival, which never happened.
But did you know that, so far in 2024, ScamWatch stats show that 45,000 Australians have reported scams this year, totalling financial losses of over $55 million?
The leading cause – investment scams.
Today, Kate Campbell chats with financial educator and investment scam expert Wadzi Nenzou about protecting ourselves and our loved ones from losing money to an investment scam.
Warning signs it might be a scam (from )
- Fake news stories or ads that claim a celebrity recommends this scheme to make big money.
- An online contact (a friend or romantic interest) that you’ve never met in person starts talking to you about investing.
- Emails, websites or ads with testimonials and over-the-top promises of big returns.
- High pressure tactics designed to rush you to act so you don’t ‘miss out’.
- The ‘adviser’ who is helping you claims they don’t need an Australian financial services (AFS) license.
- You are asked to promote the scheme to friends and family to earn commission.
Verify an investment website/company/person
- MoneySmart Financial Adviser Check
- Investor alert list – Moneysmart.gov.au
- ASIC Connect (browse ASIC professional registers)
