INVSC018 If you think you'd never fall for a scam, read this... (651 words)

Amazingly older, highly educated men pose the highest risk of being scammed. This article focuses on two ‘popular’ financial scams – investment scams and the promise of early access to super. It explains who they target, how they work and what your readers should do to protect themselves. The statistics show that even with growing public attention, scam losses are increasing at an astonishing rate!

If you are over 50, male, highly educated, financially literate and manage your own super, beware. You’re at a higher risk of being the target (and victim) of organised investment fraud.

This isn’t necessarily because your demographic is particularly gullible. Rather, it’s because you’re more likely to control higher levels of wealth, perhaps as the trustee of a self-managed super fund (SMSF); you’re accustomed to making financial decisions; and you’re actively looking for attractive investment opportunities. What scammer wouldn’t want to target you?

Scams take many forms but when it comes to superannuation, two stand out:
1.    fraudulent investment schemes, and
2.    schemes offering early access to superannuation.

Either way, the result can be a major financial loss and dreams destroyed.