SMSF Association Media Release
The SMSF Association is urging its members to educate their clients about the risks of scams and how to correctly identify and report them.
As part of Scams Awareness Week, the Association has welcomed the Scamwatch announcement showing that losses in the first six months of 2024 have more than halved (52.8 per cent) compared with the corresponding period in 2023.
Association CEO Peter Burgess says: “This is heartening news that this scourge is being effectively combated by the combined efforts of government, law enforcement and the private sector.
“But we are extremely cognisant of the fact that it’s older Australians, many of whom have SMSFs, who are often the target of scammers, with the Scamwatch data for the six months to June 2024 showing that people aged 55 and over attracted 37 per cent of the 143,106 scams reported and, tragically, 47.6 per cent of the losses.
“There is no doubt this criminal element often targets people who can be vulnerable, isolated, and less tech savvy.
“So, it’s no surprise some individuals in our superannuation sector, which now has more than one million members, of which 67 per cent are aged 55 and over, and have net assets of $896 billion at 31 March 2024, are targeted.
“But it is not just the older generations who are at risk when it comes to scams targeting people’s superannuation savings. This is why we are asking our members to counsel their clients about scamming and what steps they can take to minimise the risks.”
As schemes become more sophisticated it is important that we all remain especially vigilant for any illegal and scam activities targeting our superannuation savings. It is important that individuals seek independent, specialist advice, and if you see something that is too good to be true or just isn’t right, help others by reporting it to Scamwatch.
Scams Awareness Week, which launched on Monday, highlights the need to have a more focussed conversation about the many different types of scams in circulation and what people can do to protect themselves.
Burgess says: “Our role is to raise awareness, encourage conversations and promote vigilance to safeguard SMSFs from this nefarious activity. The Scams Awareness resources available on our SMSF Connect website provide helpful tips and information on how people can protect themselves from scammers.”