The ATO said perpetrators are setting up fraudulent SMSFs to access their victim’s retirement savings.

“The fraudsters use stolen identity information or may harvest information from individuals by cold calling the victim and presenting themselves as a superannuation expert,” the Tax Office cautioned.

“They typically offer superannuation comparisons or high-return investment options through the establishment of a fraudulent SMSF.”

The ATO said SMSF professionals could help clients protect themselves by reminding them to protect their information and to check if an adviser they’re dealing with is listed on ASIC’s professional registers.

Clients should also check Moneysmart’s list of unlicensed companies they should not deal with.

“You can also help protect your clients by telling them about our text and email alerts for changes made to SMSF information, and making sure your client’s direct contact details registered with us are kept up to date,” the ATO said.