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 2025, Australians are being encouraged to: Stop. Check. Protect.
In 2024, Australians recorded a combined loss of $2.03 billion to scams. While this is 25.9% less than the previous year, the impact of scams is still devastating to many Australians.
Learn more about Scams Awareness Week 2025 and protecting your clients from potential scams 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.
Visit SMSF Connect for tailored information that you are able to share with your clients to educate them about cybercrime and scams.
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