ASIC has stepped up its campaign against bogus cold calling scams with Australians losing more than $2 million from such schemes.
On its consumer website, ASIC has warned investors to be wary of cold calling schemes. The regulator has even used a real life case story to set as an example to investors.
The case story centres around Malcolm who received a cold call from a fake London firm Cambridge Capital Trading. Malcolm was lured to invest in a bogus offshore trading scam that cost him $30,000.
"Unfortunately, many of us only learn from our own bad experiences or those of other investors. This is why Malcolm's story is so important to hear," ASIC acting executive director of consumer protection Delia Rickard said.
The FIDO website includes a list of unlicensed overseas cold callers, however, the regulator warns that business that are not listed may still be bogus.
ASIC also advises people to ask the caller if they have an Australian financial services licence.
