Beware banking scam impersonating ASIC

ASIC urges anyone who receives unexpected contact related to Luxembourg Offshore Banking and LUXOSB Limited to simply hang up or delete the email and block the sender.

"The activities of Luxembourg Offshore Banking and LUXOSB Limited are scams. They are not regulated by ASIC nor licensed or authorised in Australia to provide financial services," ASIC said on Monday.

Luxembourg Offshore Banking and LUXOSB Limited, based overseas, are claiming that withdrawals are being processed or withheld by ASIC.

"Luxembourg Offshore Banking and LUXOSB Limited claim to offer an investment program called ExpertKonek, through an online trading platform relating to stocks, foreign exchange, cryptocurrencies and indices markets," ASIC explained.

To activate a personal ‘trading account’, customers are asked to provide proof of ID such as photocopies of a passport and proof of address such as a utility bill.

ASIC notes that anyone who has been targeted by this scam, or believes their bank account may be compromised, should contact their bank or financial institution immediately.

“These are sophisticated scams convincing people to part with their money and provide personal information. The public need to be extremely cautious of these scams and contact their financial institution if they believe their money may be at risk,” ASIC commissioner Sean Hughes said.

The commission noted that in similar circumstances Australians should:

• Check the ASIC website to see if the company has an Australian Financial Services Licence;

• Check the list on ASIC’s MoneySmart website of companies and individuals that are not licensed by ASIC. If the company that contacted you is on this list, do not deal with them;

• Don’t deal with people who do not have an AFSL;

• Don’t send money or give out your personal information to someone you don’t know and trust or who contacts you out of the blue;

• If you’ve provided your bank account or credit card details to a scammer, contact your bank or financial institution immediately; and

• Keep in mind that government departments and financial institutions would never ask you for your personal details via unsolicited contact.