Australian Securities and Investments Commission (ASIC) warns consumers over misuse of ASIC logo on social media to promote fake investment and stock market trading courses, cold calls and Telegram impersonation.

ASIC has received multiple reports of "Stock Trading Masterclass" ads appearing on social media platforms displaying the ASIC logo and claiming to be sponsored by ASIC.

When consumers click on an ad, they are taken to a private Whatsapp group called the Lonton Wealth Management Center. These social media ads mislead consumers by:

• Display ASIC logo, but ASIC is not actually associated with the provider.
• Lie to Share Trading Masterclass sponsored / endorsed by ASIC.

ASIC also noted that some people claiming to be from ASIC kept cold calling consumers in an attempt to get them refunds for their investments, but ASIC does not cold call consumers about investments or investment refunds.

ASIC also discovered that there was a fake account on Telegram pretending to be ASIC's social media account. The operator of the account is asking investors for funds to free up their investment funds in Australia. And actually:

• ASIC does not have a Telegram account.
• ASIC will never require investors to pay up-front taxes or payments to free up their investment funds in Australia.

Entities that engage with consumers through private social media groups may be trying to hide their true identities. Social media advertising has nothing to do with ASIC if it:

• Use the ASIC logo to promote investment or financial products and services, but ASIC will never endorse products or training courses.
• Claiming a relationship with ASIC, falsely claiming to be "supported" or "sponsored" by ASIC.
• Claims to be from ASIC, but refers to third parties.
• Point to a social media account with the ASIC logo, but the account may have been created recently because it has no posting history and does not use ASIC's social media handle.