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.
At 30 September 2023, Scamwatch received a total of 234,672 reports with losses of over $397 million. Of these total reports, 72.5% involved impersonation.
There were 81,093 total reports made on common impersonation scam categories with losses totalling $92 million.
Key Scamwatch data (of common impersonation scams) between 1 January – 30 September 2023:
- The top three most reported impersonation scams were road toll scams (19,141 reports), Australian Government impersonation scams (17,770 reports) and hi mum/family impersonation scams (9,307 reports).
- The highest loss categories for impersonation scams was imposter bond scams ($34.97 million lost), business email compromise scams ($14.14 million lost) and bank impersonation scams ($11.37 million lost).
- The most common contact modes for impersonation scams was by text message (49,572 reports), followed by phone (10,565 reports) and internet (2904 reports).
Learn more about impersonation scams here. See all the key statistics from 2023 here.
INVESTMENT SCAMS ARE THE #1 CAUSE OF FINANCIAL LOSS TO AUSTRALIANS IN 2023
- As at 31 October 2023, Scamwatch has received over 6,200 reports of investment scams with more than $259 million in total losses.
- Losses involving cryptocurrency investments are one of the highest of all types of investment scams. Scamwatch is also reporting that cryptocurrency is the most common payment method for investment scams.
- All age groups are losing money to investment scams, but the over 65s have lost the most with almost $52 million lost. Men have lost the most money.
For more information about investment scams, click here.
Visit SMSF Connect for tailored information that you are able to share with your clients to educate them about cybercrime and scams.
Common types of scams your client should be aware of
PHISHING SCAMS
ROMANCE BAITING SCAMS
REMOTE ACCESS SCAMS
CHINESE AUTHORITY SCAMS
Examples of scams
The Vanguard Australia and AMP Capital resources shown, provide common examples of investment scams they have identified, as well as additional information on how to keep your clients and their information safe.
AMP CAPITAL
www.amp.com.au
Vanguard Australia
www.vanguard.com.au
ATO issues warning on investment scams targeting SMSFs
www.smsfadviser.com
Report the scam
If your client has, or is unsure whether they 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
- If your client has lost money to a scam, advise them to contact their financial institution immediately to make a complaint – How to Make a Complaint – Australian Banking Association (ausbanking.org.au). If they are unsatisfied with the response from the bank, a complaint can be made to the Australian Financial Complaints Authority.
- If your client has lost personal information and is concerned their identity may be compromised, your client can contact IDCARE for free support on 1800 595 160.
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
White label document: Is it a Scam? New data released
Naturally, people aspire to get the most out of their investments, especially if a great opportunity is presented by a ‘trusted’ organisation. However, investment scams occur more often than you
MoneySmart
moneysmart.gov.au
ASIC
asic.gov.au
ACSC
www.cyber.gov.au