The ACCC says it has “definitely” seen reports of scammers impersonating reputable wealth management firms after a man was duped by a scammer pretending to be a JP Morgan adviser.
Tony Papagiannopoulos was scammed out of $200,000 following multiple conversations with a phony adviser over the phone, with JP Morgan telling InvestorDaily last week that they notified ASIC in April as soon as the firm became aware of the scam.
An ACCC spokesperson told ifa on Tuesday that Mr Papagiannopoulos’ is not the first case they have seen of that kind on their Scamwatch website.
“Scammers create high quality prospectus documents using images and documentation available on the websites of these legitimate companies. They then change the email and phone contact details to their own,” the spokesperson said.
“We’ve also seen instances of romance baiting, where scammers meet their victim on a dating app and convince them to invest.”
ACCC shared the below tips with ifa on how people can best protect themselves and their clients from scammers:
Financial services ombudsman AFCA has warned that these types of scams are becoming “increasingly common and sophisticated”.
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
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