Why staying alert to scams is more important than ever
ASIC has issued a warning about a new wave of investment scam websites using images of well-known Australian identities.
The regulator says it has shut down more than 330 investment scam websites so far in 2025, a 25 per cent increase compared to the same period last year.
These scammers are “exploiting the concept of ‘social proof’ by deliberately misusing images of trusted public figures to promote investment schemes that are, in fact, scams,” ASIC said in a press release.
“These scam websites try to trick consumers into thinking they can make big returns and use unauthorised celebrity images to give credibility,” ASIC Commissioner Alan Kirkland said.
The cost of scams
Australians lost $945 million to investment scams in 2024, according to the National Anti-Scam Centre. It’s a stark reminder of how sophisticated and damaging these schemes have become.
ASIC warns that the rise of AI is accelerating the scale and reach of scam operations.
In the past six months, ASIC has uncovered a range of emerging tactics from scammers, including:
- Fraudulent news articles that falsely promote scams.
- Fake trading platforms designed to mimic legitimate investment services.
- Cloned websites using slick, professional-looking templates.
- AI-powered “trading bots” promising unrealistic or guaranteed returns.
Protecting yourself against scams
Vanguard is committed to helping investors protect their accounts through robust security measures and fraud prevention protocols.
Keep in mind that Vanguard never sends unsolicited emails or text messages asking for you to conduct sensitive actions such as updating or disclosing confidential information via links. Instead, customers should log in directly to the official Vanguard website or App.
There have been instances where scammers have approached potential investors using fake Vanguard prospectuses designed to convince victims to purchase fraudulent, non-existent investment products.
Unsolicited contact about investment opportunities should always be treated as suspicious, and we urge anyone considering making a new investment to conduct proper due diligence prior to transferring funds, including contacting the asset manager they are looking to invest with directly via their listed phone number or website.
Warning signs to watch out for
Scammers use a variety of tactics to target investors, so it’s important to stay vigilant and aware of potential security risks.
To help you recognise suspicious behaviour, here are some common warning signs to watch out for from the Australian Government’s ScamWatch website.
- Promises of amazing opportunities to make or save money — if it sounds too good to be true, it probably is.
- Someone you haven’t met needs your help (and money) — scammers often try to use your good nature against you.
- A message that contains links or attachments — never automatically click links or open attachments received via email or text.
- You feel pressured to act quickly — scammers don’t want you to take your time to think things through.
- They ask you to pay in unusual or specific ways — if you’re asked to pay with preloaded debit cards, iTunes cards, or cryptocurrencies, chances are it’s a scam.
- They ask you to set up new accounts or PayIDs — if someone asks you to set up a new bank account or PayID in order to pay them, be suspicious.
Remember to ‘stop, check, protect’
ASIC suggests using the “stop, check, protect” framework whenever you see an apparent news article, social media post or message claiming to offer outsized or guaranteed investment returns.
For more information about how you can protect yourself, visit Vanguard’s security centre or the ScamWatch website, or book a time to chat about how we can work together to ensure your assets are protected, now and in the future.
Source: Vanguard
