Warning: scams targeting seniors
Seniors are being urged to guard against slick scammers targeting retirement savings and superannuation. The Australian Crime Commission (ACC) and SCAMwatch say even experienced investors are finding it hard to spot the rip-offs, most of which are online or over the phone.
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Seniors are being urged to guard against slick scammers targeting retirement savings and superannuation.
The Australian Crime Commission (ACC) and SCAMwatch say even experienced investors are finding it hard to spot the rip-offs, most of which are online or over the phone.
Over-50s lobby group National Seniors Australia today joined calls against the growing threat of investment scams, saying older people needed to take greater care to avoid falling victim to scammers.
National Seniors chief executive, Michael O’Neill, said the figures were frightening, with a reported $10 million a month last year going to scams based in Nigeria and Guyana. The majority of victims were aged over 50 years.
“Scammers are getting more sophisticated and they can even direct victims to legitimate websites that look fine but are actually fake,” Mr O’Neill said.
“It’s very hard to get money back once it’s been sent, so the key here is awareness and making sure people are alert to the types of approaches these scammers take.”
Advice from SCAMWatch includes:
• Hang up on unsolicited telephone calls offering overseas investments.
• Check any company you are discussing investments with has a valid Australian Financial Services Licence at www.moneysmart.gov.au. Always seek independent financial advice before making an investment.
• Report suspected fraud to the Australian Securities Investment Commission, via www.moneysmart.gov.au or 1300 300 630, or your local police.
Mr O’Neill urged seniors to check before responding to suspicious emails or taking up phone offers.
“If it seems too good to be true, it probably is,” he said.
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