The Commonwealth Bank has warned its customers to beware of scammers using its logo to con people into falling for investment scams.
CommSec head of media and markets Gillian Bowen said the bank is aware of a whole range of scams, from celebrity deepfakes to messaging groups “promising big stock returns”.
“We’re also seeing scammers impersonate CommSec. Sometimes it can look quite real,” Bowen said in a 29 September statement.
“They’re using our colour, they’re using our logo, they’re using variations of our name. This is not CommSec.”
The scammers’ behaviour, however, does not represent how CommBank goes about contacting customers, Bowen added.
“CommSec does not give personal advice. We will never make a recommendation on a particular stock. We will never invite you to a messaging group such as WhatsApp. We’ll never invite you to download the CommSec app via social media.”
Another common tactic observed by CommBank is the creation of entire fake platforms to sell the illusion to an investment opportunity with high returns.
“Individuals are seeing fake high returns on these fake platforms, convincing them to invest even more funds before they realise that it was all a scam,” CommBank executive manager of digital fraud Leo Khama said.
According to Khama, however, there are three red flags to look for.
“We’ve seen unsolicited contact via social media. We’re seeing pressure to invest quickly and we’ve seen promises of consistent and/or large returns,” Khama said.
Bowen added that scam campaigns often take place during genuine CommSec activity.
“When scams are timed with legitimate CommSec activity, it can make them harder to spot,” Bowen said.
“The reality is that the volume of scams out there can increase the chances of getting caught up in one.”
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