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Sixteen Australians lost $2.7 million in two weeks. It started with a stock tip
SBS acknowledges the Traditional Custodians of Country and their connections and continuous care for the skies, lands and waterways throughout Australia.
Sixteen Australians have lost more than $2.7 million combined in the past two weeks amid a surge in reports of "pump and dump" scams using impersonations of prominent financial experts to lure victims.
The Australian Securities and Investments Commission (ASIC) is warning Australians to be extremely cautious of investment tips received through social media and messaging apps such as WhatsApp.
ASIC has received multiple reports of scammers exploiting the identities and likenesses of respected finance industry figures and celebrities to draw people into messaging groups, where they are then provided with stock tips and encouraged to invest.
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