Recently, there have been some extremely sophisticated scams circulating. Unfortunately, Australians aged 65+ are often more at risk of being approached by scammers as they perceive this particular age group to have more accumulated wealth.
Why do SMSF trustees and self-directed investors fall victim to scams?
Naturally, people aspire to get the most out of their investments, especially if a great opportunity is presented by a ‘trusted’ organisation. However, In 2020, Australians lost over $328 million in investment scams alone.*
It is extremely important for you to remain vigilant and reach out to me before investing your retirement savings in a new product or service.
What Should You Do If You Suspect A Scam?
- Report the scam to Scamwatch Australia or ReportCyber immediately.
- Do not provide any personal information that will allow a scammer to impersonate and retrieve your funds.
- Do not click on links you have received via text or email that have a substantial number of letters and numbers.
- If you have lost money to a scam, contact your financial institution immediately.
- If you have provided personal information and you are concerned your identity may be compromised, you can contact IDCARE for free support on 1800 595 160.
- Consider contacting the organisation the suspected scammer claims to work for – the organisation may be able to confirm your suspicions.
What Should You Do If You've Been Scammed?
If you have been scammed or believe you have been scammed, you shouldn’t feel embarrassed or ashamed. Financial scams are now crimes that are occurring regularly – many scams are very sophisticated and professional, and very experienced investors have lost money to scams. It is becoming increasingly important to discuss the risk of scams with family, friends, and peers.
Do You Need Help?
If you need assistance with identifying whether you are being approached by a scammer, please feel free to give me a call or fill in the form below and I'll be in contact. If you would like to seek more information about scams to protect your SMSF, you can refer to the SMSF Association’s trustee education platform, SMSF Connect.
*(ACCC Media Release, 7 June 2021).
