Fraudsters using cold calls to target SMSFs, ATO warns
The ATO is urging SMSF professionals to remind clients on how to protect their information following an increase in identity fraud and scams.
In an online statement, the ATO said that with identify fraud and scams involving SMSFs on the rise, there are a range of ways SMSF professionals can protect their clients.
The ATO said perpetrators are setting up fraudulent SMSFs to access their victim’s retirement savings.
“The fraudsters use stolen identity information or may harvest information from individuals by cold calling the victim and presenting themselves as a superannuation expert,” the Tax Office cautioned.
“They typically offer superannuation comparisons or high-return investment options through the establishment of a fraudulent SMSF.”
The ATO said SMSF professionals could help clients protect themselves by reminding them to protect their information and to check if an adviser they’re dealing with is listed on ASIC’s professional registers.
Clients should also check Moneysmart’s list of unlicensed companies they should not deal with.
“You can also help protect your clients by telling them about our text and email alerts for changes made to SMSF information, and making sure your client’s direct contact details registered with us are kept up to date,” the ATO said.
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
