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The Australian Securities and Investments Commission has seen a sharp rise in reports since August 2024.
The Australian Securities and Investments Commission (ASIC) is warning investors to be on the lookout following a “significant increase” in reports of identity theft leading to shares being stolen or sold off without the victims being aware.
According to ASIC, ongoing data breaches that have compromised the personal data of a large number of Australians are leading to fraudsters being able to successfully use stolen identities to access shares illegally.
The criminals can use compromised personal data to create share trading and even bank accounts in other peoples’ names, using stolen security reference or holder identification numbers to trade or sell shares and transfer funds.
While in some cases, the data is obtained from a data breach, other fraudsters use stolen physical mail to create their fake identities.
Many victims only find out that their identities and investment portfolios have been compromised after receiving a letter from their share registry or the Clearing House Electronic Subregister System, otherwise known as CHESS.
Reports of such compromise have risen sharply since August 2024, and ASIC warns that such fraudulent activity is becoming “increasingly sophisticated”.
What to do
ASIC has several recommendations for investors.
If you or someone you know is the victim of such a fraud or scam, contact Scamwatch right away.
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
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