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:
- People aged 55 and over reported 52,797 scam reports and accounted for 47.6% of losses.
- Small businesses (0-19 employees) reported 967 scam reports and accounted for 2.9% of losses.
- Reporters with English as a second language reported 6,586 scam reports and accounted for 14.8% of losses.
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.
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