Investment Scammers – Protecting Your SMSF

Investment Scammers - Protecting Your SMSF

Written by Supervision Group

Supervision Group has a highly experienced team of professionals with one goal, to improve how you interact with your Business, Super, Personal Finances and Investments to grow your wealth. We know what it takes to grow and thrive in today’s fast-paced economy.

21 September 2022

You would undoubtedly be aware of the massive increase of scammers, especially over the last few years. Unfortunately, investment accounts such as your SMSF are also under attack and you need to be vigilant so that you don’t fall victim to one of these scams.

Here are some important points to consider.

Protect your SMSF from hackers

Hackers have become all too common and it’s important for you to ensure that you protect your SMSF account from them. Here are some tips to keep your account secure:

  • Change your passwords regularly
  • Store your passwords where they cannot be easily found
  • Use strong passwords that are difficult to hack
  • Consider using two-factor authentication to secure your account

Be on the lookout for investment scams

Unfortunately, many Australians have fallen victim to investment scams over recent years. If you watch the news, read the paper or do a search online, you’ll find countless stories of people who have lost thousands of dollars to these scammers.

Often, the only communication method these scammers use is phone or email. Therefore, you want to be careful when looking at investment opportunities for your SMSF and do your research thoroughly.

First and foremost, if it sounds too good to be true, it usually is. If you’re researching websites online, make sure that the website is legitimate and not a fake one. All legitimate sites that want your investment money should also have a physical address and a phone number on the site.

Look these up and make sure that they actually exist. Another thing that you can do is conduct a google search with the name of the investment or website and the word ‘scam’ after it. You’ll usually end up with search results that will tell you if the investment is a scam or not.

Some shady names and sites that you want to avoid include:

  • Any business or website that is registered in Reykjavik, Iceland
  • Any website that uses the trading name London Choice Investments SL
  • Investments with names like AusBondTrust, Au-Investor, and Millenium Bonds

When researching investment opportunities, it’s important to have a healthy sense of skepticism. Don’t believe everything that you read online. While many good investment opportunities can be found, there are also millions of fraudsters waiting to take your money.

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