Robin Bowerman

Vanguard is urging investors to remain vigilant following a notable rise in investing scams targeting Australian investors, and are calling on the media to help highlight this significant issue for investors.

Following ASIC’s warning earlier this year about investment bond scams, Vanguard has become aware of a phishing scam which is operating under the guise of Vanguard’s brand, along with other well-known fund managers, offering bond investments via a fraudulent investment comparison website.

The scam involves common search engine terms like bond or high yield investments resulting in an advertising link to fake investment comparison websites like ‘Investment Compare’ or some variation of that name to collect personal information including identification and bank details, followed by in-person contact and provision of a fake Vanguard prospectus designed to convince victims to purchase non-existent investment products.

Vanguard is alerting people to this scam via our websites and investor portal, through our phone support, and is advising anyone impacted on steps to take if they have shared any personal information or transferred funds.

Vanguard’s Head of Corporate Affairs, Robin Bowerman, said “In this low rate environment, these scammers are taking advantage of investors seeking higher yields through a fake investment bond offering eye-catching – but ultimately unrealistic – yields. Echoing ASIC’s February warning; if it feels too good to be true, it probably is.

“We are urging anyone considering investing in a new investment to conduct proper due diligence prior to transferring funds, including contacting the asset manager they are looking to invest with directly via their listed phone number or website. Anyone impacted should immediately report this criminal offence to police, contact their bank to stop payments being taken, and alert major credit bureaus such as Equifax and Experion to place a stop on their credit profile to prevent others opening accounts with their personal information.”

Where investors can get further assistance:

• The Australian Competition & Consumer Commission’s ScamWatch website provides information on how you can protect your privacy and prevent identity theft.
• You can also contact IDCare on 1800 595 160 or via www.idcare.org for support if you believe your personal information has been put at risk.

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