Scammers are pretending to be from well-known financial services firms and inviting people to invest in fake environmentally sustainable green bonds, corporate watchdog ASIC has warned.
A statement by ASIC said in Australia, green bonds are not directly available to the general public or retail investors. Any website or entity claiming otherwise is a scam.
“ASIC is aware of the existence of a number of fake green bonds,” ASIC said.
“Green bonds are bonds that are used to finance new and existing projects that offer climate change and environmental benefits. They can be purchased by superannuation funds, fund managers, insurance companies and other wholesale entities, but are not directly available to the public.”
What To look Out For
- Offers of green bonds. Like other wholesale product offerings, green bonds may be available to purchase in a registered managed investment fund. However, they are not directly available to the general public or retail investors.
- People claiming to be from well-known companies who offer green bonds.
- People or companies that invite you to invest in ‘environmentally sustainable green bonds’ via social media or websites.
- Fake investment materials and disclosure documents.
Before investing, ASIC advised to share details including any disclosure document with your bank. This will help them check the legitimacy of the offer before transferring any funds.
Think You Have Been Scammed?
- Do not send any more money
- Report it to your financial institution
- Be wary of follow-up scams promising to help get your money back
- Report it to your local police
- Report it to ASIC