doing internet searches for higher returns on their investments, the bank said. According to Westpac chief risk officer Carolyn Kidd, the scammers had put “significant effort” in order to make the prospectus look authentic.
“Would-be investors are encountering this scam when they do internet searches for information about investments and term deposits,” she said. “These people are asked to enter personal contact details on the websites which come up in the search results, some of which may purport to help people compare investments. The scammers then email or call the would-be investor using those contact details.”
Kidd added that the scammers had managed to use convincing language in their written and verbal communications making them appear credible. “We have had a handful of reports about the scam so far,” she said. “We want people to be vigilant and report any suspicious activity, so our financial crime team can investigate.”
Westpac had not yet heard of anyone falling for the scam, Westpac’s head of financial crime, Mark Coxhead, said. “All of the attempts we are so far aware of haven’t proceeded, but we are conscious that the bigger angle here might be non-Westpac customers who are looking for an investment, and think this looks like an entry-point to Westpac,” he noted.
He added that the bank remained concerned over the fact that the fake prospectus invited people to lock their money away for a certain period of time, which meant that it would take months or years before people realise they had been conned. “They might happily put it on their spreadsheet, mark it away, and not think about it for a while,” Coxhead said. “It might not come out for a little while that they are a victim.”
