ASIC has delivered a fresh warning to consumers about an increasing number of reports of Aussies losing money after responding to advertisements disguised as fake news articles.
The corporate watchdog said the fake news articles are mostly promoting cryptocurrency, or crypto assets.
Additionally, ASIC said it has seen websites and advertisements falsely using the ASIC logo or misleadingly say the investment is “approved by ASIC”.
“A common tactic used by scammers is to promote fake articles via social media. They look realistic and impersonate real news outlets. Some examples include Forbes Business Magazine, ABC News, Sunrise and The Project,” ASIC said.
“Once consumers click on these advertisements, they are directed to a site that is not linked with the impersonated publication. Then they are asked for their name and contact details.”