Consumer Awareness: Investment Impersonation Scams

ASIC has issued a public warning about a rise in sophisticated investment scams where criminals impersonate legitimate Australian financial services businesses.

These scams can involve the misuse of real Australian Business Numbers (ABNs), Australian Financial Services Licence (AFSL) numbers, business addresses, and disclosure-style documents to create a false impression of legitimacy. ASIC has warned that scammers may misuse publicly available details of legitimate firms without the firm’s knowledge.

ASIC has noted that these scams may appear professional and credible. The advertised returns may sound reasonable rather than “too good to be true”. Scammers may also request that funds be transferred to bank accounts that are not held in the name of the licensed financial services business.

Consumers are encouraged to independently verify who they are dealing with before providing personal information or transferring any funds.

You can read the full ASIC scam alert here:

ASIC Scam Alert – Impersonation of Financial Services Businesses (2 May 2024)

https://www.asic.gov.au/about-asic/news-centre/news-items/scam-alert-scammers-are-changing-the-way-they-impersonate-financial-services-businesses-in-sophisticated-bond-and-term-deposit-scams/

Verifying advisers and banking details

As part of our commitment to transparency, our website includes a Due Diligence section located in the footer.

This section allows visitors to:

• Verify authorised advisers

• Confirm official contact details

• Confirm approved banking details

• Access relevant regulatory information

Consumers should always be cautious of unsolicited contact, emailed documents, or payment instructions that cannot be independently confirmed.

If something does not feel right, stop and verify before proceeding.

Important Notice: Titan Securities Pty Ltd does not accept, receive, or handle client funds. From time to time, unauthorised third parties may misuse publicly available information, including business names or Australian Financial Services Licence (AFSL) details, without our knowledge or consent. Any person or entity claiming to be an authorised representative of, or otherwise associated with, Titan Securities should be independently verified, and no funds should be transferred until both the adviser and the relevant banking details have been confirmed. Adviser verification and approved banking information are available via the Due Diligence link located in the footer of this website.