Hardware giant Bunnings Warehouse is one of the latest companies to be impersonated by scammers offering fake investments – in this case offering fake sustainability investment bonds.
ASIC says the scammers target people through a fake website highlighted in internet searches for investment opportunities, as well as direct spam emails posing as a responsible entity or broker which directs them to the fake website.
The website features Bunnings branding and hyperlinks that direct back through to the retailer’s genuine webpage in a bid to appear legitimate.
Consumers are offered three investment options ranging between $50,000 and $250,000, with higher than market returns of up to 9% advertised. The scammers claim falsely that the investments are backed by Bunnings and protected under government finance regulations.
ASIC has published a number of articles on its ASIC and Moneysmart website in relation to investment scams and what to look out for.
Also read: PIMCO Launches Four Active Fixed Income ETFs in Australia
ASIC warns when it comes to investment scams, remember these three things:
STOP – Don’t give personal information or act on investment advice you have come across on online including on social media. Don’t feel pressured to invest. If you have any doubts, stop communicating with them.
CHECK– Ask yourself if you really know what you are investing in. Scammers can create fake digital ads, websites, news and reviews to make an investment seem legitimate. Do an internet search to see if there are warnings about this investment scam, including if a well-known public figure has warned about being impersonated. And check ASIC’s website to confirm if the person or entity offering the investment is licenced or authorised to do so.
PROTECT– Act quickly if something feels wrong. If you have shared financial information or transferred money, contact your bank immediately. Help others by reporting scams to Scamwatch.
