A scam is a dishonest attempt to trick you into parting with your personal information and/or your money. Scammers are constantly coming up with new ways to trick people out of their money.
Often several scams operate at the same time, but the one that is catching the attention of the regulators is a series of fake lotteries and competitions that are distributed on social networking platforms.
The scam operates by advising that a lottery, a prize or a competition has been won. In order to claim the prize, recipients are required to enter personal information to collect the prize. In addition, recipients are often required to pay a tax, fee or other payment in order to collect the prize.
More recently scammers are using a new tactic, by messaging recipients that they are the winner of a prize or competition. A link is included in the message, however if you click on the link, you risk infecting your computer with malicious software or disabling your computers virus software.
If you receive a message that you have won a prize or competition you should exercise caution before opening the message. If you don’t recognise the sender then you should ignore the message and do not attempt to open it.
For more information on scams please refer to the Scamwatch website (www.scamwatch.gov.au) which is produced by ASIC.
The information provided is general in nature and does not take into account your particular investment objectives, financial situation or insurance needs; we therefore recommend you seek advice tailored to your individual circumstances before making any specific decisions.
Cotter Financial Services and its advisers are Authorised Representatives of Fortnum Private Wealth Pty Ltd ABN 54 139 889 535 AFSL 357306 Australia Credit Licence No 357306 trading as Fortnum Financial Advisers.