Tips to help protect your hard-earned money from investment scams

According to the National Anti-Scam Centre, Australians lost more than $837 million to investment scams in 2025, making them among the most devastating when it comes to financial loss to victims.  

What are investment scams?

In an investment scam, scammers try to persuade you to transfer or invest your money into a fake or non-existent investment. They often lure you in with promises of high or guaranteed returns and little or no risk, making the opportunity seem too good to pass up.

Suncorp Bank Executive Manager of Fraud and Investigations Jonathan Baker said it’s important customers check carefully that investment opportunities they’re presented with are genuine.

“Scammers may impersonate banks and other financial institutions offering standard products like Term Deposits, which appear similar to genuine products. It’s important to spend time checking, including seeking independent financial and legal advice, before investing to ensure it’s a genuine opportunity.”

How to minimise the risk of being scammed?

Customers should consider the following when exploring an opportunity:

1. Offers of very high or guaranteed investment returns: If it sounds too good to be true, it may be a scam.
2. Be cautious: Scams often start as opportunities offered through cold calls or filling out online forms.
3. Does the offer make sense? For example, if you’re investing in a Term Deposit at one bank, it doesn’t make sense to pay your funds to another bank.
4. Use ASIC to help check: Check that the entity has an Australian Financial Services Licence (AFSL) by visiting the Australian Securities & Investments Commission (ASIC) website
   • If there is a valid AFSL on documentation, that doesn’t mean the proposal is legitimate. If you can look up the AFSL, so can a scammer. Independently check the person you’re dealing with is a genuine representative of the licenced entity.
   • Don’t do this by ringing the details the scammer has given you. Instead, find the institution’s genuine website and validate the opportunity directly by contacting them directly (e.g. for Suncorp Bank, visit www.suncorpbank.com.au and contact us via our listed number 131175).
5. Check independent reviews: Look for independent information online. This includes reviews on reputable third-party websites, not those posted on the entity’s own website.
6. Watch out for time pressure or claims of celebrity or politician endorsement – these are common scam tactics, designed to make the scam look legitimate.
7. You’re told to mislead the bank. Scammers often coach their victims to mislead the bank about the purpose of payments.  If anyone asks you to do this, they’re likely to be a scammer.

If you have identified any concerns or red flags, consider engaging a trusted financial advisor or solicitor to help you, rather than discussing them with the person you’re dealing with. You may be dealing with a scammer who will have stories ready to convince you it’s all genuine.

If you identify concerns about a payment you’ve already made, then contact your bank immediately. If you’re a Suncorp Bank customer, phone 13 11 75 without delay.

Customers wanting to know more about how to spot potential scams can visit Investment scams - Moneysmart.gov.au and Investment scams | Scamwatch.

ASIC’s Moneysmart investor alert list can also help keep you informed about investments that could be fraudulent, a scam or unlicensed, as well as ASIC’s ‘Check Before You Invest page’. If you can’t find a name on the list, it doesn’t mean you can trust it. Always do your own research and check before you invest, including for any suspicious signs.

This information seeks to raise awareness and provides general information only. It may be necessary or appropriate to ensure that measures are taken in addition to, or in substitution for, the measures presented having regard to your particular personal or business circumstances.