Under Australian Securities and Investments Commission regulations, unlicensed influencers face imprisonment and $1 million fines if they promote stocks and investment funds online. ASIC said the regulation was to prevent influencers from spreading unlicensed and potentially dangerous advice.with questionable information. Cryptocurrency is not regulated by ASIC, and neither are influencers outside of Australia, so their content is unaffected by ASIC rules.
“Now I think there’s actually people with hands on their keyboards responding to the messages manually because they want to make sure that you’ll actually go through with it and follow through and fall for the scam.”When scammers cloned Queensland-based finfluencer Maddie Walton’s account, they also locked her out of her own.
Since then, the problem has been ongoing. While she hasn’t been locked out again, her efforts to get fake accounts kicked off the platform have been varied. Previously, she’d been receiving “hundreds” of daily messages from people who said they’d been contacted by a fake account. And in one interaction, one Instagram user said Etschmann had scammed them out of $6000.
And while scammers using mobile apps to find targets were reported less, they accounted for the heaviest losses, at $85 million. Locally, finfluencers say TikTok, Discord and Telegram are also becoming fertile territory for scammers.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: brisbanetimes - 🏆 13. / 67 Read more »