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Impersonation Scam Targeting Investors Amid Market Volatility
ASB is warning Kiwi to be alert for an impersonation and investment scam currently doing the rounds, which promises too-good-to-be-true investment opportunities and falsely claiming to represent ASB Securities, ASB’s share trading platform.
The scammers are using text messages as the primary mode of communication and asking potential victims to connect with them over WhatsApp and other channels, then click on a link to log into their ‘investments’ or bank account.
ASB General Manager Fraud and Scams, Brodie Macdonald, says the scammers seem to be taking advantage of current market uncertainty, when investments may be front of mind for many people.
“Unfortunately, impersonation or investment scams are not new, but scammers continue to evolve the way they approach them and will often prey on uncertain times when people may be more susceptible to act quickly and potentially miss some of the red flags.
“I encourage everyone to be vigilant, particularly if you’re asked to make a payment or provide sensitive information. Anyone can fall victim to a scam and staying alert to scammers is our first defence. Our team of fraud experts is here to support our customers 24/7, including over the public holidays.”
ASB Securities is ASB’s secure online share trading service, providing access, tools and market intel to help customers make their own investment decisions and trade with confidence.
“Anyone who has clicked on a link that might be suspicious, or entered their payment details, should block their cards in the first instance, and contact their bank immediately. ASB customers can call us 24/7 on 0800 ASB FRAUD (0800 272 372).” says Brodie.
Tips for spotting a scam:
- Check the email address or number any message has come from and if it looks "phishy" contact the company on their trusted email, phone number or webpage to ask if it’s really from them.
- Look out for suspicious URL links (containing a different name to what they are presenting to be, for example).
- Spelling mistakes.
- Vague intro’s (such as not using a customer’s name, but saying ‘Hi there’ for example).
- A sense of urgency and call to action.
- Never click any links in text messages. Contact the organisation directly on trusted contact details.
If you receive a suspicious text, you can report it to the Department of Internal Affairs free of charge by forwarding it to 7726. Once reported, you'll receive a text response asking you to complete a report. This will help stop others falling for the same scam.
For more information and to keep up to date with the latest scams, visit ASB’s Scam Hub: https://www.asb.co.nz/banking-with-asb/online-security.html
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