Hot Issues
spacer
SMSFs: Our 'hardest' jobs
spacer
ASIC issues alert over big gaps in SMSF trustee knowledge
spacer
Super savings gap for women stuck at 30%
spacer
Statistics for all Australians
spacer
Super set to play bigger retirement role
spacer
Why SMSFs want estate-planning advice
spacer
The power of financial role models
spacer
Assess your retirement financial resources
spacer
Cryptocurrency audits tipped to increase this EOFY
spacer
Time to check your risk exposure?
spacer
Some general interest stats on SMSFs
spacer
Check trust deed to protect super in estate planning
spacer
Survey reveals strong opposition to retirement system changes
spacer
Australia by numbers – Update
spacer
Federal Budget 2018 – Overview
spacer
Your Budget
spacer
4 components of our 2018 Federal Budget
spacer
Tools to help you manage your financial position are available on our site.
spacer
New rules capture SMSFs trading big with cryptocurrency
spacer
Common EOFY slip-ups flagged for SMSFs
spacer
Beware residency rules if moving overseas
spacer
99 pct of SMSFs missing global opportunities
spacer
How to plan for a better retirement
spacer
Australia by numbers - Update
spacer
Determine your retirement goals
spacer
ATO issues update on cryptocurrency compliance traps
spacer
How likely is a global trade war?
spacer
Gig economy spike prompts calls for super policy changes
Article archive
spacer
Quarter 2 April - June 2018
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
Quarter 2 of, 2016 archive
spacer
Making investing a family affair
spacer
Super and divorce: a personal finance issue
spacer
Market Update - May 2016
spacer
ASIC flags SMSF investors in scam risk
spacer
Older, greyer and still working
spacer
Working and contributing to super past 65
spacer
The pitfalls of part-year pensions
spacer
Replenishing SMSF memberships
spacer
Budget will hit 15% of SMSFs
spacer
The insidious side of low interest rates
spacer
Market Update - April 2016
spacer
Budget 2016-17
spacer
Do investment principles stand test of time?
spacer
Estate Planning - early inheritance
spacer
US economy will bend, not break
spacer
A detailed look at the ATO’s new LRBA guidance
spacer
Defying life's blueprint
spacer
ATO continuing lodgement crackdown
spacer
Another twist on the gender savings gap
spacer
Market Update – March 2016
spacer
Going solo
spacer
Age Pension means-test prevents rational decision-making
spacer
Changing times for super collectables
spacer
Preservation Age Rule
spacer
Why investing for retirement isn't just about super
ASIC flags SMSF investors in scam risk

 

Don't become a victim of a scam, be careful because it's easily done.

           

The corporate regulator, ASIC, has flagged significant concerns about SMSF investors falling victim to scams, in some cases even more so than other Australian investors.

ASIC published a report yesterday that indicates a wide variety of scams, including investment and 'get rich quick' scams, continue to hit Australian investors each year.

ASIC said that many people aged over 55 are attracted to the prospect of solid investment returns in a low interest rate environment and thus are often most at risk.

Speaking to SMSF Adviser, an ASIC spokesperson said SMSF trustees in particular need to be “very aware” of the likelihood of being “taken for a ride” with scammers.

“In some ways, the threat may be even worse as there is the added pressure of needing to fund a sufficient-yielding investment strategy that can result in investor over-reach or, in this case, poor decisions caused by limited due diligence,” the spokesperson said.

“SMSF trustees need to be especially aware of this risk and their responsibility to employ the cautionary principle,” the spokesperson added.

ASIC said it received 367 reports about scams in 2015, but it believes that many scams often go unreported.

“The number of Australians contacted by scammers, and the amounts of money lost, are likely to be much larger than what is reported to us,” said ASIC’s deputy chairman Peter Kell.

The top five scams of 2015 included overseas cold-calling about investment opportunities; overseas calls offering easy credit or loans after payment of an upfront fee; sports arbitrage or gambling schemes; money transfer schemes (job opportunity or other fraud); and fake debt and invoice scams.


Written by Katarina Taurian 
Tuesday, 17 May 2016
SMSFadviser.com.au