SMSF Identity Fraud and Investment Scams

April 26, 2023
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In a recent article on SMSF Adviser Justin Micale, Assistant Commissioner, Self-Managed Super Funds Risk and Strategy for the ATO noted that 2022 saw an increase in the number of individuals becoming victims of identity fraud.

This includes instances where an SMSF had been registered without the victim’s knowledge and super was rolled in the account controlled by the fraudster and where scammers have contacted individuals and misled them into providing personal information to establish an SMSF, and/or investing in their bogus products.

New initiatives by the ATO to address scams include:

  • Sending alerts via text and email when certain actions are taken, for instance when a roll over is requested.
  • Removed bank account details from the ABN registration process in an attempt to disrupt fraudsters directing money into a bank account they own
  • Utilising authenticated channels such as the ATO’s online services to provide their SMSF’s bank account details

Class takes security seriously and takes steps to ensure we protect your data, including the recent rollout of Multi-Factor Authentication (MFA) to our solutions which provides an additional level of security for your account. However there are also several steps you can take to protect yourself online including:

  • Know who you’re dealing with
  • Do not open suspicious texts, pop-ups windows, click on links or attachments or emails
  • Do not respond to phone calls about your computer asking for remote access

For additional steps to protect yourself online visits Scamwatch’s Protect Yourself Online page.

If you’re concerned that you may have been affected by a scam, please contact Class Support on 1300 851 057 (Press 1) Monday to Friday 8.30am to 5.30pm AEST or via email

More information on scams can also be found on the ACCC’s website Scamwatch or by visiting the ATO website to see the latest scam alerts.

Related News

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SMSF Scam Update

October 5, 2022
We’ve investigated each complaint and notified the Australian Securities & Investments Commission (ASIC). We’re are also aware that the ABC 7.30 Report published a story on SMSF scams with reference to Class.