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Investment scams

Investment scams target your personal wealth by convincing you to invest in fake schemes and companies. They are widespread and can take many different forms.

Look out for these warning signs to identify investment fraud.

  • Promise of low risks with high returns. Always remember, if something seems too good to be true, it probably is.
  • If you are promised ‘guaranteed returns’.
  • High-pressure tactics. You are contacted repeatedly and are told that you need to act quickly and invest or you will miss out.
  • Someone you haven’t met in person offers you investment advice. Never take investment advice from someone you meet on the phone, via email or any social media apps.
  • Someone has convincing promotional materials or websites. If documents like prospectuses aren’t registered with ASIC, it is likely part of a scam. Always call us on 13 24 84 (or +61 2 8225 0615 if calling from overseas) if you are suspicious of a scam involving a particular promotion.
  • You are asked to deposit funds into different accounts for each transaction. Scammers may claim this is for security reasons, or because they are an international company.

Invoice scams

An invoice scam is where scammers trick individuals or businesses into paying fake or fraudulent invoices. These scams can take several forms, but the common goal is to deceive you into making a payment to the scammer’s account.

Common Types of Invoice Scams

  • Fake supplier invoices. Scammers pose as legitimate suppliers and send fake invoices for goods or services that were never provided.
  • Business Email Compromise (BEC). Fraudsters hack or spoof a company’s email to send fake invoices that appear to come from a trusted source.
  • Overpayment scams. The scammer sends an invoice for an inflated amount, then requests a refund of the "excess" payment.
  • Account change scams. Criminals impersonate a real supplier and inform the company that their bank account details have changed, redirecting payments to the scammer’s account.
  • Subscription or directory scams. Businesses receive invoices for fake advertising, directory listings, or services they never signed up for.

How to Protect Against Invoice Scams

  • Verify invoice details by checking with the supplier directly using a known contact.
  • Check email addresses carefully for slight variations from legitimate ones.
  • Be cautious of urgent payment requests that pressure you into acting quickly.
  • Implement dual approval for financial transactions, requiring two people to verify and approve payments.
  • Monitor accounts regularly for unauthorised changes or payments.

Goods and services scams

A goods and services scam is a type of fraud where a scammer tricks you into paying for goods or services that are either never delivered or are vastly different from what was promised. These scams target both businesses and individuals, often exploiting trust and urgency.

Types of Goods and Services Scams:

  • Non-delivery scams – The scammer advertises a product or service, takes payment, but never delivers anything.
  • Counterfeit or low-quality goods – The victim receives fake, damaged, or low-quality items instead of what was advertised.
  • Fake online stores – Fraudulent websites mimic real businesses to collect payments without delivering products.
  • Service fraud – Scammers pose as service providers (e.g., contractors, consultants, tech support) and either don’t perform the service or demand extra money for incomplete work.
  • Overpayment scams – A scammer overpays for an item (often using a fake cheque) and then asks for the excess amount to be refunded.
  • Subscription traps – A customer signs up for a free or low-cost trial but is later charged hidden fees or locked into an expensive subscription.

How to Protect Yourself:

  • Verify sellers and websites by checking reviews, business registration, and contact details.
  • Avoid deals that seem too good to be true - they often are.
  • Use secure payment methods like credit cards or PayPal instead of wire transfers.
  • Beware of unsolicited offers or pressure tactics that create urgency.
  • Check refund and return policies before purchasing anything.

Romance scams

A romance scam is where scammers create fake online identities to establish emotional relationships with victims, ultimately deceiving them into sending money, personal information, or gifts. These scams often occur on dating apps, social media, and even through email.

How Romance Scams Work:

  • Creating a fake identity – Scammers use stolen photos and fake personal details to build a believable online persona.
  • Gaining trust quickly – They engage in deep emotional conversations, express strong feelings early on, and may even promise marriage or a future together.
  • Avoiding in-person meetings – The scammer always has an excuse for why they can’t meet in person, such as being in the military, working overseas, or dealing with a personal emergency.
  • Asking for money – Once trust is established, they request financial help, often with emotional reasons like:
    • Medical emergencies
    • Travel expenses to visit the victim
    • Investment opportunities
    • Family crises
  • Continuous exploitation – Even after receiving money, scammers often create new reasons for more payments until the victim realises the deception.

Warning signs of a romance scam:

Signs that someone is a scammer may include:

  • Too good to be true – They seem overly perfect, wealthy, or deeply in love too soon.
  • Fast emotional attachment – They say "I love you" quickly and want to move the relationship forward fast.
  • Refusal to meet in person – They always have an excuse to avoid video calls or real-life meetings.
  • Financial requests – They ask for money, gift cards, cryptocurrency, or wire transfers.
  • Inconsistent stories – Their background details, job, or location don’t always add up.

How to protect yourself:

  • Be sceptical of online strangers who express strong emotions quickly.
  • Never send money or share sensitive personal information.
  • Verify the potential scammer’s identity using reverse image searches on their photos.
  • Insist on video calls before committing emotionally.
  • Report suspicious profiles to dating sites or authorities.

General scams

In addition to the scam types listed above, there are several general scams you may come across which include threats and extortion, job and employment and travel, prizes and lottery scams. Refer to the Australian Competition & Consumer Commission’s (ACCC) scams page for more information and useful resources.

More scams, fraud and cybercrime resources

From emails and text messages to phone calls, we can help you spot a scam and contact us if you think you’ve been affected by fraud.