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Articles
Making investing a family affair
Super and divorce: a personal finance issue
Market Update - May 2016
ASIC flags SMSF investors in scam risk
Older, greyer and still working
Working and contributing to super past 65
The pitfalls of part-year pensions
Replenishing SMSF memberships
Budget will hit 15% of SMSFs
The insidious side of low interest rates
Market Update - April 2016
Budget 2016-17
Do investment principles stand test of time?
Estate Planning - early inheritance
US economy will bend, not break
A detailed look at the ATO’s new LRBA guidance
Defying life's blueprint
ATO continuing lodgement crackdown
Another twist on the gender savings gap
Market Update – March 2016
Going solo
Use our online budgeting tools to help plan your future.
Age Pension means-test prevents rational decision-making
Changing times for super collectables
Preservation Age Rule
Why investing for retirement isn't just about super
ASIC flags SMSF investors in scam risk

 

Don't become a victim of a scam, be careful because it's easily done.



       


The corporate regulator, ASIC, has flagged significant concerns about SMSF investors falling victim to scams, in some cases even more so than other Australian investors.


ASIC published a report yesterday that indicates a wide variety of scams, including investment and 'get rich quick' scams, continue to hit Australian investors each year.


ASIC said that many people aged over 55 are attracted to the prospect of solid investment returns in a low interest rate environment and thus are often most at risk.


Speaking to SMSF Adviser, an ASIC spokesperson said SMSF trustees in particular need to be “very aware” of the likelihood of being “taken for a ride” with scammers.


“In some ways, the threat may be even worse as there is the added pressure of needing to fund a sufficient-yielding investment strategy that can result in investor over-reach or, in this case, poor decisions caused by limited due diligence,” the spokesperson said.


“SMSF trustees need to be especially aware of this risk and their responsibility to employ the cautionary principle,” the spokesperson added.


ASIC said it received 367 reports about scams in 2015, but it believes that many scams often go unreported.


“The number of Australians contacted by scammers, and the amounts of money lost, are likely to be much larger than what is reported to us,” said ASIC’s deputy chairman Peter Kell.


The top five scams of 2015 included overseas cold-calling about investment opportunities; overseas calls offering easy credit or loans after payment of an upfront fee; sports arbitrage or gambling schemes; money transfer schemes (job opportunity or other fraud); and fake debt and invoice scams.



Written by Katarina Taurian 
Tuesday, 17 May 2016
SMSFadviser.com.au




20th-June-2016

        
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