“We are extremely cognisant of the fact that it’s older Australians, many of whom have SMSFs, who are often the target of scammers, with the Scamwatch data for the six months to June 2024 showing that people aged 55 and over attracted 37 per cent of the 143,106 scams reported and, tragically, 47.6 per cent of the losses,” he said.

“There is no doubt this criminal element often targets people who can be vulnerable, isolated, and less tech-savvy. It’s no surprise some individuals in our superannuation sector, which now has more than 1 million members, of which 67 per cent are aged 55 and over, and have net assets of $896 billion on 31 March 2024, are targeted.”

He continued it is not just the older generations who are at risk when it comes to scams targeting people’s superannuation savings.

“As schemes become more sophisticated, it is important that we all remain especially vigilant for any illegal and scam activities targeting our superannuation savings,” he said.

“It is important that individuals seek independent, specialist advice, and if you see something that is too good to be true or just isn’t right, help others by reporting it to Scamwatch. Our role is to raise awareness, encourage conversations and promote vigilance to safeguard SMSFs from this nefarious activity. The Scams Awareness resources available on our SMSF Connect website provide helpful tips and information on how people can protect themselves from scammers.”