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Investment fraud warning

Friday 17 August, 2012


Many households in Murray have received letters from jointly the Australia Crime Commission Board, the Australian Securities and Investment Commission and Australia Post, warning of the real threat of Serious and Organised Investment Fraud, especially attempts to get people to invest in fake or worthless shares.
Federal Member for Murray, Dr Sharman Stone says this kind of crime is getting more sophisticated and prevalent.
“Offers can come over the internet or via a telephone cold call. A stranger will ring and try to find out their victim’s financial status. From there, they may encourage their target to invest in something that doesn’t exist or is basically worthless.
“Some people have parted with tens and even hundreds of thousands of dollars.
“Some of these criminals set up authentic looking websites that fool their victims into thinking they are dealing with a reputable company. They may also have professional looking publications to back up their claims.
“Superannuation and savings for retirement are often targets for this type of crime.” Sharman Stone said.
The letter from the Crime Commission Board outlines what to be on guard against and steps to take to avoid becoming a victim. This includes visiting, and alerting family and friends to these crimes, especially if it’s known that they have large sums of cash. They advise to report suspected fraud cases and to hang up on people who have phoned offering investment opportunities.
“Some of the golden rules also include never giving out personal details to a stranger, and if it sounds too good to be true, it probably isn’t” Sharman Stone said.

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