The Australian Securities and Investments Commission (ASIC) said it has taken down thousands of investment scam websites, while one of the nation’s big four banks has urged Taylor Swift fans to remain vigilant about ticket scams ahead of her upcoming Eras tour.
Since July, the ASIC has removed more than 2100 dodgy investment scam websites offering high-risk products like cryptos and FX derivatives, with around 20 websites taken down per day.
NAB meanwhile issued a fresh warning for Taylor Swift fans to stay cautious about ticket scams across social media and marketplaces, ahead of her Australian tour in February.
“Scammers play on our FOMO”
NAB security advisory & awareness manager Laura Hartley said customers may receive a real time alert in the NAB app or NAB internet banking if a payment shows signs that it could be a scam.
“Scammers play on our FOMO (fear of missing out) for concert tickets, often responding to fans who post on social media looking for tickets or listing bogus ones online that don’t actually exist,” Hartley said.
“While many customers ultimately complete their payment after receiving an alert, we know they are stopping and pausing because we see around $220,000 worth of payments abandoned daily.”
“Be extremely cautious”
Hartley said as ticket scams become more sophisticated, it’s vital Australians can recognise the red flags to stop the crime before it happens.
“Be extremely cautious about buying tickets online via social media,” she said.
“We’re hearing about criminals hacking social media profiles and selling bogus concert tickets to the account owner’s friends, who aren’t aware someone else is controlling the account.
“Even if it’s a friend you legitimately know, pick up the phone and talk to them directly before sending money.
“Contact your bank immediately if you think you’ve been scammed.”
Laura’s ticket scam red flags
Red flag: Tickets for an in-demand event are for sale on social media
Tip: Look for tickets through official resellers, which have processes in place to verify tickets are legit.
Red flag: The tickets are heavily discounted or cheaper than retail price
Tip: If the price of tickets sounds too good to be true, it probably is.
Red flag: Social media profiles selling tickets that are newly created, based overseas, have random usernames or furiously re-tweet.
Tip: Look at the seller’s profile in detail to see when it was created, how active they are and if they have any reviews.
Red flag: The seller claims they can prove the tickets are legit, by sending you emails or screenshots of them
Tip: Be sceptical. Do a reverse image search and if you see the same image of tickets or proof of purchase on other websites, it’s probably a scam.
Red flag: The seller wants you to pay via cryptocurrency or direct money transfer.
Tip: Be cautious and seek further information as private sales don’t offer buyers any protection if the ticket isn’t real. It’s safer to pay for tickets with a credit card, as your funds may be recovered if something goes wrong.