ASIC Issues Alert on Investment Bond Scam Impersonating Bunnings Warehouse

The Australian Securities and Investments Commission (ASIC) has issued a scam alert, warning consumers about an investment bond scam impersonating Bunnings Warehouse. 

According to ASIC, scammers are impersonating legitimate businesses and offering fake investments. They set up webpages that appear genuine by including links back to real businesses’ websites, such as popular retail brands like Bunnings and Australian financial service licensed entities.

The scammers target people through fake websites highlighted in internet searches for investment opportunities, as well as direct spam emails posing as responsible entities or brokers, which direct potential victims to the fake websites.

ASIC reveals a fake bond investment scheme impersonating Bunnings

ASIC reports that the above scam case features Bunnings branding and hyperlinks directing back through to the retailer’s genuine webpage to appear legitimate. Consumers are offered three investment options ranging from $50,000 to $250,000, with higher-than-market returns of up to 9% advertised. The scammers falsely claim that the investments are backed by Bunnings and protected under government finance regulations.

ASIC's Tips to Avoid Investment Scams

• STOP: Don’t give personal information or act on investment advice you have come across online, including on social media. Don’t feel pressured to invest. If you have any doubts, stop communicating with them.
• CHECK: Ask yourself if you really know what you are investing in. Scammers can create fake digital ads, websites, news, and reviews to make an investment seem legitimate. Perform an internet search to see if there are warnings about the investment scam, including if a well-known public figure has warned about being impersonated. Check and confirm if the person or entity offering the investment is licensed or authorized to do so.
• PROTECT: Act quickly if something feels wrong. If you have shared financial information or transferred money, contact your bank immediately. Help others by reporting scams.

If you think you’ve been scammed, ASIC advises you to refrain from sending any more money, block all contacts from the scammer, report it to your bank or financial institution, and ask them to stop any transactions. ASIC also reminds people to be wary of follow-up scams promising to help get money back.