We recently drew attention to a new type of scam where sophisticated fraudsters, pretending to work for real companies, are targeting Australian investors with fake investment products.
Our Smart Investing article followed a warning in late January from the Australian Securities and Investments Commission (ASIC) about the rise of "imposter bond" investment offers that claim to deliver secure, high-yield returns.
The fraudsters have designed professional looking fake websites using real company logos, to capture personal information such as phone, email and bank details.
They then make contact directly and offer to email a fake investment prospectus document in order to trick people into investing their money.
Phishing is the term used to describe fraudulent attempts to illegally obtain sensitive information or data, usually via fake websites or emails.
Vanguard has now become aware of a phishing campaign being operated through a fraudulent comparison website that's targeting people online. The website includes a fake investment offer from Vanguard.
People providing personal contact information are then being phoned, with the caller offering to email a pretend Vanguard prospectus.
We're alerting people to this scam via our websites and investor portal, through our phone support, and advising anyone impacted on steps to take if you've shared any personal information.
Vanguard's IT security systems have not been compromised in any way by this issue and our priority is to warn investors of the scam and assist those who have been impacted.
If you suspect you've transferred any money to a third party in relation to this scam you should immediately contact police, and contact your bank to stop direct debit transactions if you've shared any banking details.
It's also important to alert major credit bureaus such as Equifax and Experian to place a block on your credit profile to stop others from opening accounts using your personal information.
Our teams are working closely with authorities and industry partners to identify and remove the bogus website and to provide information from official sources, such as the Australian Competition & Consumer Commission's ScamWatch, on how to stay safe online.
Some of the common tactics being used by the "imposter bond" scammers include:
As noted in our previous article, just taking a few basic precautions will go a long way to ensuring you don't get caught up in a scam.
Ignore all unsolicited approaches to invest in a financial product, even if they come via people pretending to be from a well-known company or a government authority.
Keep in mind that Vanguard never sends email or text messages with clickable links asking you to verify or provide personal information such as your account or login details.
There are many ways to greatly reduce your chances of ever being tempted into a scam.
The ScamWatch website should be your first port of call to check out everything to do with investment scams, including news and alerts of current activities.
Also check ASIC's extensive Moneysmart list of companies you should not deal with.
By Tony Kaye, Senior Personal Finance Writer, Vanguard Australia
16 Mar, 2021
vanguard.com.au
Director
BEc (Acc), MBA, CPA, FFin
David has been in the Financial Services Industry for nearly 30 years. He was one of the founding Directors of the successful Financial Planning and Stockbroking Practice, Henderson Gregory Forrest, for a decade. Prior to that, he held senior roles in companies such as ING, KPMG Accountants and AMP. David was previously Chairman of OAMPS Superannuation Trustee Board and currently serves as an independent Board Director for several companies.
David’s extensive experience in all forms of superannuation, including Self Managed Super Funds (SMSF), Defined Benefit Funds, retirement funding through Account Based Pensions, stockbroking with a focus on Direct Share Investment, Taxation/Remuneration Planning, Centrelink, Aged Care and business management, equip him to advise expertly on all aspects of Financial Advice.
Those with a particular interest in superannuation/SMSFs, direct share investment, salary packaging or applying for the Centrelink Pension will find his knowledge and ability in formulating and implementing creative, logical and simple wealth creation strategies a valuable asset.
David maintains a strong personalised client service focus, providing tailored solutions for clients.
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David Forrest is an Authorised Representative of Integrity Financial (SA) Pty Ltd ABN 16 133 921 187 — AFSL No 334846
Business Finance Manager
B Bus (Acc), CPA
Michelle’s career has spanned across the Financial Services, Retirement Living and Aged Care industries working in the private sector, not for profit and more recently with the state government for over 20 years. Her experience extends to many facets of the financial services industry, having worked in superannuation administration, technical support and financial planning practice administration.
Commencing with AMP and subsequently working in commerce and accounting roles with companies such as Brambles, Adelaide Bank Retirement Services, ECH Inc and SA Health and Wellbeing, Michelle returns to financial services after working in practice financial management at Henderson Gregory Forrest. This wide range of experience from senior accounting and management roles has provided Michelle with a strong background in business administration.
With an astute financial acumen and keen interest in business improvement strategies, Michelle ensures the smooth running of the Integrity Financial Advisory practice providing valued management support to our personalised client service focus.
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Client Service Manager
Jasmine has worked in the financial services industry for over 12 years in all areas of client administration, working with David since 2013.
Jasmine has extensive knowledge and experience in client service including implementation of advice, portfolio reporting, assisting with the establishment of Self Managed Super Funds (SMSFs), term deposit management and a long history of helping clients with their enquiries.
Jasmine’s attention to detail, yet gentle approach, means she is able to solve the trickiest of questions for our client community.
Jasmine has gained her Certificate III in Financial Services qualification.
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Senior Client Service Manager
Merrilyn has worked in the financial services industry for over 11 years in all areas of client administration, and is a new addition to our client services team, returning from Melbourne to join the team in June 2019.
Merrilyn has extensive knowledge and experience in client service including implementation of advice, managed fund administration, assisting with the establishment of Self Managed Super Funds (SMSFs) and process improvement for the previous practices she has worked with. Merrilyn’s experience with direct shares constitutes the other part of our administrative support for direct equity investments.
Merrilyn’s warm and caring nature continues to endear her to our clients and she has already established herself as a valued member of our team.
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