Beware of scams impersonating ASIC and Sydney Credit Union

Know the warning signs and how to protect yourself

ASIC warns the public to be wary of an email claiming to be from Sydney Credit Union Ltd and which contains references to ASIC Chairman, Greg Medcraft.

The email claims that recipients are entitled to a significant compensation payment. This email is a scam, and ASIC urges anyone who receives it or something similar to delete the email.

If you think you have been a victim of this scam or believe your account may have been compromised, you should contact your credit union, building society or bank immediately.

ASIC Commissioner, Peter Kell, said, ‘Scams aim to trick you into providing payments in advance or your personal details. Scammers may use fake websites, links or logos as well as the names of real businesses. They may even pretend to be from a government agency or financial institution to appear genuine.

Consumers are encouraged to conduct some basic checks before acting on an email or phone call out of the blue’.

Warning signs

  • You receive a surprise call or email claiming you are entitled to a compensation payment or funds recovered from an earlier scam
  • The caller or sender pretends to be from a real business, government agency or financial organisation
  • In order to receive the funds, you are required to pay a fee in advance to cover costs such as ‘administration’ fees, ‘bonds or security deposits’ or ‘outstanding taxes’
  • The scammer will request payment via a money transfer service or your personal or banking information.

 Protect yourself

  •  If you receive a phone call or email out of the blue claiming you are entitled to reclaim money for a fee, hang up or delete the email and block the sender
  • Never send money or give your financial details via text message or email or to someone you don’t trust or know
  • If the caller or sender claims to be from a government agency or financial institution, remember that government departments and financial institutions would never ask you for your personal details via email or text message
  • If you’ve provided your bank account or credit card details to a scammer, contact your credit union, building society or bank immediately.


You can report scams via the report a scam page on SCAMwatch or by calling ASIC on 1300 300 630.

More information

The Australian Government website is a safe portal for finding government services.