The Australian Crime Commission (ACC) Board today urged Australians to protect themselves against the growing threat of serious and organised fraudulent investment scams.

Tasmania Police Commissioner Darren Hine said serious and organised criminals are using the Internet to provide false legitimacy in their attempts to target the retirement savings of Australians.

“These scams are extremely professional and use highly sophisticated websites to add legitimacy to their attempts to target people’s retirement savings,” Commissioner Hine said.

“The scams are typically based off-shore, and in many cases criminal groups are making initial contact with potential victims through unsolicited cold calls.”

To tackle this growing threat, the ACC Board established a multi-agency task force that aims to disrupt fraudulent serious and organised investment scams and harden the Australian environment against this type of organised criminality.

Led by the ACC, the task force comprises of law enforcement, regulatory and service delivery agencies across federal, state and territory government. Task force members include all ACC Board agencies, as well as the Australian Competition and Consumer Commission, Department of Broadband, Communications and the Digital Economy, Department of Immigration and Citizenship, Department of Human Services and the Australian Transaction Reports and Analysis Centre.

Australian Securities and Investments Commission Acting Chairman, Belinda Gibson, said these fraudulent investment schemes are incredibly sophisticated and very difficult for even experienced investors to identify.

“Perpetrators of these fraudulent schemes are skilled at using high-pressure sales tactics, both over the phone and via email, to persuade their victims to part with their money,” Ms Gibson said.

Based on initial indications, more than 2400 Australians have lost in excess of $93 million to these schemes, but it is believed there is a high level of underreporting and the extent is far greater.

“I urge investors to be immediately wary if they are called at random by someone offering an investment opportunity overseas,” Ms Gibson said.

People can protect themselves by hanging up on any suspicious calls received and by further investigating and researching any investment offer:

• Visit www.moneysmart.gov.au or call 1300 300 630 for further information.
• Alert your family and friends to this fraud, especially anyone who may have savings to invest.
• Report suspected fraud to the Australian Securities and Investments Commission, via www.moneysmart.gov.au  or 1300 300 630, or your local police. Any information that can be provided such as company name, location and contact details will assist with subsequent investigations and enquiries.
• Hang up on unsolicited telephone calls offering overseas investments.
• Check any company you are discussing investments with has a valid Australian Financial Services Licence at www.moneysmart.gov.au
• Always seek independent financial advice before making an investment.

Victim support is available through Victim Support Services in each region. For a list of contact details, please see www.justice.tas.gov.au/victims/about/contact.