As the peak professional body representing the SMSF sector throughout Australia, the SMSF Association recognises the increasing risk to SMSF trustees and self-directed investors of cybercrime and scams.
For Scams Awareness Week 2024, Australians are being encouraged to speak up, share and report scams. Around 30% of people do not report the most serious scams.
From 1 January to 30 June 2024, Scamwatch received a total of 143,106 reports. Of these total reports, 92.9% of people who reported to Scamwatch didn’t suffer a financial loss at all and still provided vital information to support for scam disruption activities and scam warnings.
Scamwatch data from 1 January – 30 June 2024 show losses of over $134 million (a 52.8% decrease from the first 6 months of 2023). Many people are getting better at identifying scams, but many people in our community are being impacted disproportionately.
Learn more about speaking up and reporting scams here. See all the key statistics from 2024 here.
INVESTMENT SCAMS ARE THE #1 CAUSE OF FINANCIAL LOSS TO AUSTRALIANS IN 2023
- In 2023, Scamwatch received over 8,000 reports of investment scams with total
reported losses of $292 million, accounting for over 60% of total financial losses
reported to Scamwatch. In response, organisations across government and industry
formed a Fusion Cell to work together on strategies to minimise the harm caused by this type of scam among the community. The Fusion Cell: - Created a direct referral process, resulting in digital platforms removing more than 1,000 instances of scam advertisements, advertorials, and videos.
- Diverted 113 attempted calls to confirmed scam numbers to a recorded warning
message. - Removed 220 investment scam websites.
For more information about investment scams, click here.
DOWNLOAD
Targeting Scams Infographic
Download the full ‘Targeting Scams’ Infographic to find out the top scams causing the most financial harm and the most common ways scammers are contacting people.
Helpful Resources
Below are some common examples identified by Vanguard Australia and AMP Capital, of investment scams and ways that you can keep yourself and your information safe.
AMP CAPITAL
www.amp.com.au
Vanguard Australia
www.vanguard.com.au
ATO issues SMSF scam alert
smstrusteenews.com
Most common types of scams to be on the look out for
PHISHING SCAMS
REMOTE ACCESS SCAMS
2. If you receive a phone call out of the blue about your computer and remote access is requested – hang up.
ROMANCE BAITING SCAMS
2. If you start to feel pressured by someone, stop communicating with them.
CHINESE AUTHORITY SCAMS
2. Never send money or give credit card details or personal information to anyone you don’t know or trust.
Can you spot the scam?
Scammers have become more sophisticated in their approach, claiming to be from well-known investment organisations or government bodies, aiming to extract personal information from an individual.
It is important for SMSF trustees to remain vigilant and be part of the ongoing conversation as scamming is a continuous risk in our technologically advanced world.
Test your scam radar with these simple text message examples
Use the toggle beneath the images to find out the answer.
AUSPOST EXAMPLE 1
YES! This is a REAL text message from AusPost.
A real text message from AusPost will not ask you to provide any personal or financial information or contain an urgent call to action. Also, note the https://mypo.st/ link format – this is the only text message of the three examples which uses this format.
AUSPOST EXAMPLE 2
NO! This is a SCAM.
The Cutt.ly link shown in this example is a link shortener that has been used in other scams that eventually take you to a page that asks for your credit card details. That’s not to say that all shortened links are scams, but it is unusual to receive a shortened link in this context.
Scam text messages usually contain an urgent call to action followed by an unusual link with a suspicious amount of random numbers and letters at the end of the link.
AUSPOST EXAMPLE 3
NO! This is a SCAM.
This example also uses a bit.ly shortened link and contains a tracking number that is not normally supplied in legitimate messages.
Scam text messages usually contain an urgent call to action followed by an unusual link with a suspicious amount of random numbers and letters at the end of the link.
What should I do if I think I've been scammed?
If you have been, or are unsure whether you have been approached by a scammer, there are several things to consider:
- Report the scam to Scamwatch Australia immediately – scamwatch.gov.au/report-a-scam
- Seek advice from your trusted SMSF professional before making any investment decisions. If you are not currently working with an SMSF Specialist, locate one in your nearest area using the SMSF Connect Find a Specialist tool.
- Do not provide any personal information that will enable 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 to make a complaint – How to Make a Complaint – Australian Banking Association (ausbanking.org.au). If you are not satisfied by the response from your bank, you can make a complaint to the Australian Financial Complaints Authority.
- If you have lost 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 platform on which you were scammed to report the scam – Eg. for Facebook scams, this page may be of assistance.
If you or someone you know is experiencing anxiety, emotional concerns or distress about scams, contact Lifeline on 13 11 14 24 or Beyond Blue on 1300 22 4636.
Additional resources
SCAMwatch
www.scamwatch.gov.au
MoneySmart
moneysmart.gov.au
ACCC
www.accc.gov.au
ASIC
asic.gov.au
ACSC
www.cyber.gov.au
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