New, Sophisticated Scams Detected

This is an important reminder about taking extreme care when it comes to unsolicited investment opportunities.

Not only are we facing increasing pressure on the digital front from cyber-attacks, but the creation and use of fraudulent documents to lure unsuspecting people is increasing, ranging from fake invoices to investment documents.

Our team recently encountered a scam that they had been made aware of through a client enquiry. Fortunately for the client they checked with Bentleys first before offering their bank account details to the scammers. This scam is probably the best we have ever seen, and the offering was almost indistinguishable from the genuine article.

As you will be aware scams are becoming increasingly more sophisticated. Credible fake documents are impersonating banks, government agencies and even the Australian Taxation Office.

According to the Australian Competition and Consumer Commission’s (ACCC) Scamwatch service they received 301,791 scam reports in 2023 (up 26 per cent on 2022), with financial losses totalling over $480 million.

What to do?

• Remember, if it looks too good to be true it probably is.
• Verify from the source, that is, call the institution and make some enquires, but do not use the number provided by the offeror, as it will only go to their call centre.
• Visit the institutions website.
• Check scamwatch.gov.au/

Finally, please call us. We are here to help.

Expertise and support when you need it.

Disclaimer: This information is general in nature and should not be relied on as advice. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs and seek professional advice before making any decisions based on this information.