The Assistant Commissioner for Self-Managed Super Funds Risk and Strategy at the Australian Taxation Office (ATO) has raised concerns about identity fraud and investment scams in the SMSF sector. While such incidents are not frequent, their impact can be severe. Recent data breaches have increased the need for heightened vigilance against identity crime in the SMSF industry and broader community.
Instances have been reported where SMSFs were fraudulently registered without the knowledge of individuals, with their super being transferred to an account controlled by scammers. These fraudsters are using personal details to gain trust and mislead people into providing information to set up an SMSF or invest in phony products. Some have also been impersonating well-known Australian firms.
The ATO has taken steps to counter such scams by issuing alerts via text and email when certain actions are initiated. These include sending an alert when a rollover is requested or when there is a change of details, such as adding a new member or changing the SMSF bank account. If a client receives an alert and is unaware of the request, they should contact their super fund immediately to stop the transfer.
To stop fraudsters from directing money to a bank account they control, the ATO has removed bank details from the ABN registration process. Trustees are now required to provide their SMSF's bank details to the ATO via an authenticated channel, such as the ATO’s online services. Individuals are urged to be cautious about contact from any third parties regarding investment and superannuation choices.
If you are ever unsure about communication from the ATO or a third party, please feel free to reach out on (03) 9584 2277.