What's being done - regulators
The Australian Securities and Investments Commission (ASIC) is the national consumer protection regulator for financial services. ASIC is responsible for regulating and enforcing laws that promote honesty and fairness in financial products and services, financial markets, and Australian companies.
ASIC provides warnings for consumers about scams which ASIC become aware of via the media and its consumer website, MoneySmart, www.moneysmart.gov.au. Visit MoneySmart for more information about how to identify and avoid scams and swindles.
Every year, ASIC awards its “Pie in the Sky” award for the most outrageous, far fetched or unbelievable financial scheme that’s too good to be true. To nominate a scam, email the details to email@example.com or fax hard copy entries to (02) 9911 2642.
You can also make a complaint to ASIC about a scam, although many scams are outside ASIC’s responsibilities. For more information, visit ASIC’s consumer website, MoneySmart, at www.moneysmart.gov.au.