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ASIC warns of banking scam

The financial services regulator has issued a warning regarding a scam that impersonates ASIC and calls on members of the public to submit a form of identification or proof of address.

The Australian Securities and Investments Commission (ASIC) has warned the public to be wary of scammers claiming to be from ASIC in connection with Luxembourg Offshore Banking, also known as LUXOSB Limited.

The overseas businesses are claiming to be associated with a company in Australia and are claiming to offer an investment program called ExpertKonek, through an online trading platform relating to stocks, foreign exchange, cryptocurrencies and indices markets.


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 said: “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.

“Theses scammers maintain that withdrawals are being processed or withheld by ASIC.

“ASIC urges anyone who receives unexpected contact in these circumstances to simply hang up or delete the email and block the sender.”

ASIC Commissioner Sean Hughes added: “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.”

The regulator has also released a checklist that can help members of the public guard against scams.

This includes:

  • Checking the ASIC website to see if the company has an Australian Financial Services licence
  • Checking the list on ASIC’s MoneySmart website of companies and individuals that are not licensed by ASIC

[Related: Warning issued as scammers intercept house deposits]

ASIC warns of banking scam


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