Safeguarding yourself
With any online activity, there are opportunities to fall victim to scammers. Act immediately if you suspect you’ve been scammed, and learn more about common scam trends we’re seeing at the moment.
High-pressure tactics
Scammers typically rush you into making a decision, creating a false sense of urgency, often with limited-time offers or claims of short supply, such as an "investment window closing soon" or a "high returns right now". This exploits your fear of missing out (FOMO), tricking you into acting before you have a chance to properly research the offer or consider the risks.
Faking credibility
Scammers often create fake profiles and groups on social media that may impersonate our company and team. Any social media posts or ads claiming to be from Sharesies (or from our employees) that aren't from our official Facebook page or Instagram page are impersonators trying to gain trust by pretending to be us.
Scammers are also increasingly using WhatsApp or other messaging services for investment fraud. They might make unexpected contact either through a direct message or by adding you to a group chat, and may pretend to be a financial advisor, an employee of a well-known company, or even an acquaintance who has a "hot tip".
Building trust
Scammers often work quite hard to build your trust. This can involve sharing fake success stories or screenshots of other "investors" making large profits. They may even use AI-generated voices to impersonate a trusted individual. While these are increasingly sophisticated, a good rule of thumb is if something seems amiss, or too good to be true, it usually is.
Making an offer
Once a scammer has established credibility and trust, they’ll often present a fraudulent investment opportunity designed to appeal specifically to you. Note that Sharesies will never contact you with an unprompted offer or individual financial advice.
If you do receive such a message, you may be prompted to click on a link, often with promises of unrealistically high, guaranteed returns and low risk. The scam may also revolve around cryptocurrency, fake bonds, or other financial products.
In New Zealand, offers of financial products need to comply with the law and most require a Product Disclosure Statement (PDS) or other disclosure document. If an individual or organisation you don't have an existing relationship with contacts you about an investment opportunity with very little information, it is likely to be a scam. The FMA has an up-to-date list of warnings and alerts—it’s a good first place to check when you find yourself in one of these situations.
If you suspect you’ve been scammed
Acting quickly is the most important thing you can do.
Immediate actions
Cease contact with the scammer. Immediately hang up the phone, stop replying to messages, and block their number or account. Do not engage further.
Change your passwords. If you entered a password on a fake site, change that password immediately, as well as any other accounts where you used that same password. For added security, change the password on your email account as well.
Contact us and/or your bank immediately. If you’ve shared your Sharesies login details, go to the app and change your password immediately and then get in touch with us at help@shareises.co.nz. If you've given out your bank account information, contact your bank directly so action can be taken (like freezing your accounts/cards or tracing unauthorised transactions).
Report the scam to the relevant authorities. Contact the FMA if the scam relates to an illegal investment offer or scheme. The Department of Internal Affairs has also published this Factsheet with other contacts for reporting, depending on the nature of the scam.
For more about how to protect yourself, see Security and internet safety on Sharesies.
If you are still concerned or have something to report, email us at help@sharesies.co.nz.