If you’ve spotted what looks like an amazing investment opportunity from Bunnings recently, beware! The Australian Securities and Investments Commission (ASIC) has issued an urgent warning about scammers impersonating the retailer to promote fake “sustainability investment bonds”. These scammers claim that the investments will have suspiciously high returns (up to 9%) and are protected by the government, but this is entirely false.
The scam works by targeting people through fake websites and direct spam emails, posing as a responsible entity or broker. The website features Bunnings branding and hyperlinks that direct back to the retailer’s genuine webpage, making it appear legitimate. However, Bunnings does not offer bonds or any other investment products. Legitimate bonds are traded through licensed financial institutions, not retailers.
To avoid falling victim to scams like this one, remember the three key steps: stop, check and protect. When considering an investment opportunity:
Broadly speaking, bonds are generally considered a safer investment compared to stocks, offering regular interest payments. They are issued by governments or corporations, and when held to maturity, they return the face value of the bond. However, it’s important to be cautious of imposters offering fake bonds, as these scams are prevalent. Always research the investment thoroughly, and never give money or personal information to anyone if you’re unsure.
If you’re interested in investing in bonds, visit the Moneysmart website to learn more about the different types, including government bonds and corporate bonds. You can also check the investor alert list there to see if the company or entity offering the investment is legitimate.
Always prioritise your financial safety and security by being vigilant and taking the necessary steps to protect yourself from scams. To report a scam or find more information about scams, visit the National Anti-Scam Centre’s Scamwatch website at www.scamwatch.gov.au.