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Superannuation investment scam alert

November 2021 phone and email scams – superannuation

The ATO is concerned about an increase in scams involving fake superannuation investments.

Scammers are phoning and emailing people, pretending to be financial advisers or super experts. They are encouraging people to invest their super in a supposedly high performing self-managed super fund (SMSF).

These scammers will start by asking you for some information and may ask you to do a super comparison online. They are likely to be persistent and may contact you multiple times.

Sometimes, they will fraudulently use the name and Australian Financial Service Licence (AFSL) of a real business and set up a fake website to appear legitimate.

They will tell you there is no need for you to engage directly with the ATO, ASIC or any other tax or super professional.

If you agree to invest, they will transfer your super into bank accounts they control and disappear with it.

Even if you don’t agree to invest, if you provide them with enough personal information they may use this to transfer your super from your existing account without you knowing, ultimately stealing your super savings.

Always check who you are dealing with before providing any personal or financial information.

Be cautious about anyone who contacts you with unsolicited financial advice:

  1. Check ASIC’s Professional registers to make sure they are licensed professionals.
  2. Conduct an online search to independently verify their identity and to see if there are any reviews or indications of scam activity related to their website, email address or phone number.
  3. If in doubt check with a registered tax professional like Salisburys.

ASIC has more information about how to recognise and report super scams.

If you receive an SMS, email or letter from the ATO about an SMSF that you did not establish call 13 10 20 immediately.

Source: ATO