Look out for scams with fake celebrity endorsements

ASIC’s Moneysmart, the financial watchdog, has warned consumers to be aware that the images of well-known personalities including Andrew ‘Twiggy’ Forrest, Gina Rinhart and Anthony Pratt, have been used on fake websites to trick Australians into investing their money into them.

There have been 330 investment scam websites with celebrity images shut down by ASIC already this year. The use of AI has helped scammers to quickly expand the number of fake websites at scale.

Ads often appear in digital ads or on social media, leading to fake investment websites, which look very convincing.

What should I do if I see an ad for an investment with a celebrity?

ASIC recommends:

• Stop – research and check if the celebrity is really involved
• Check – does the URL belong to a legitimate news or financial services provider
• Protect yourself – report anything suspicious

More information is available on ASICs website.

This follows other updates from ASIC warning that scammers target people to persuade them to switch their super or into risky investment schemes.

Need help?

If you have any questions, you can always contact Member Services on 1300 360 988.