ASIC Launches Investor Alert List Naming 52 Unlicensed Entities and 25 Impersonation Websites

Australia’s financial regulator, the Australian Securities and Investments Commission (ASIC), has launched an investor alert list to help consumers assess whether investment providers may be fraudulent, operating without a licence or impersonating legitimate businesses. At launch, the list named 52 unlicensed entities and 25 websites suspected of impersonating legitimate entities. The new list replaces ASIC’s former “Companies you should not deal with” list. It covers domestic and international entities ASIC is concerned may be offering services to Australians without the required licence, exemption, authorisation or permission. It also identifies “impostor” entities that falsely claim an association with a legitimate business, a tactic used in impersonation scams. ASIC said the list is not exhaustive and will be updated as it identifies further suspicious entities. The regulator has also revised its investor checklist and “check before you invest” resources, which outline steps consumers can take before committing money. ASIC Deputy Chair Sarah Court said access to reliable information could help people protect themselves from bad actors, although consumers may still be targeted. ASIC is asking consumers and industry participants to report suspicious investment websites to Scamwatch to support investigations and action. The alert list was introduced alongside the National Anti-Scam Centre’s investment scam fusion cell, led by ASIC and the Australian Competition and Consumer Commission (ACCC), which is working to identify ways to disrupt investment scams. The National Anti-Scam Centre began operating on 1 July 2023 as part of the government’s broader Fighting Scams initiative.