Magnum Investigations

 Australias leading Private Investigator team

                                                                The TRUTH is out there – we uncover it

 Scams

Phone investment scams

Australians have lost at least $400 million to telephone investment fraud. So beware of phone calls out of the blue selling investments, financial advice and financial products. Cold calling about financial products or services is illegal if the caller does not have an Australian financial services licence from ASIC.  
 
 
 
Ask the right questions

If someone cold calls you offering financial services or products, protect yourself by asking these questions: 1. What is your name, address and phone number?
2. Do you hold an Australian financial services licence?
3. What is the name of the company holding the licence?
4. What is the licence number?
5. What is the licence holder's address?
If the caller answers your questions
Make a note of the details so you can check the information after the call.
Before dealing with them any further, do these quick safety checks.

If the caller avoids your questions, or doesn't have a licence
Do not deal with them. Hang up.

If they claim they don't need a licence because:
They are based overseas
Hang up. Anyone ringing a person in Australia and offering financial advice or products must be licensed in Australia to do so.
They are selling real estate
Ask if they hold a real estate agent's licence. Real estate agents do not have to have a financial services licence, so you must judge for yourself if you want to hear more.
They are not selling or advising but 'just inviting you to an information session'.
You will be safer refusing the invitation. See our warnings about seminars.
 
Magnum Investigations is currently investigating a number of scams.  The cost to our clients is in the 100s of thousands of dollars.  If you have been the subject of a Turkish carpet ripoff or a financial fund managing fraud please contact us as you may have valuable evidence.