The financial market watchdog has issued a clear warning about cryptocurrency scams impacting self-managed super funds (SMSF), as fraudsters continue to target older Australians and their retirement savings.
On Monday, the Australian Securities and Investments Commission (ASIC) published a new reminder to SMSF trustees, urging them to beware of outside parties promising large returns through cryptocurrencies and other crypto-assets.
In particular, ASIC warned trustees to be on the lookout for offers portrayed online or via social media.
“Do not rely on social media ads or online contact from someone promoting an ‘investment opportunity’,” the watchdog daid.
“Be wary of people ‘cold calling’, text messaging, or emailing you with a recommendation to transfer your super to an SMSF, or invest in crypto-assets via your SMSF.”
Australia boasts one of the highest per-capita rates of cryptocurrency ownership in the world, with strong growth expected to continue through 2022.
At the same time, the number of new self-managed super fund establishments also ballooned in 2021, suggesting a steady appetite for…
