Financial Services Firms’ Registration Details being misused by Fraudsters

The Australian Taxation Office (ATO) warns of an alarming increase in cyber-criminal attacks on personal pension investors.

Financial Services Firms' Registration Details being misused by Fraudsters

The Australian Taxation Office (ATO) warns of an alarming increase in cyber-criminal attacks on personal pension investors

Innocent victims continue to be targeted in scams involving fake pension fund comparisons and fraudulent use of legitimate financial service firms’ credentials.

Quoting temptingly high returns on apparently legitimate self-managed super funds (SMSF) and offering comparisons with alternative, genuine investments, the investor is enticed into a fund which is simply a bank account controlled by the criminals. 

In order to make the investments appear legitimate, the websites quote the registration details of genuine Australian Financial Service Licence (AFSL) approved firms.

Companies should be aware that their firms’ details may be used by fraudsters, and be prepared to offer some basic advice to customers. For example,

      • Always be cautious if someone contacts you offering unsolicited financial advice, especially if they are requesting sensitive information or bank details from you.
      • Do not click on any links or open emails provided by a suspicious source. Head to your favourite search engine and type in the specific business contact details – use these details only and give them a call with your concerns.
      • If you are being asked to act urgently, always do the opposite and take your time before making a decision on whether the request is legitimate or not.

Clients could also be made aware of how to report a suspicious email or website to the National Cyber Security Centre (NCSC). If you receive a suspicious message, you can help the NCSC track and stop cyber criminals by sending suspicious emails to report@phishing.gov.uk or reporting scam websites directly to the NCSC.

Source:
https://www.ato.gov.au/General/Online-services/Identity-security-and-scams/Scam-alerts/#Latestalerts

Kloudwerk works with you to help you keep the cyber criminals out. We offer affordable cyber security consultancy packages for business customers.  Please visit our Cyber Consultancy page for more information.

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