The corporate regulator identified several ongoing investment scams including duping consumers into establishing self-managed super funds, and advertisements for crypto-asset and contracts for difference disguised as fake news articles.

ASIC has discovered an SMSF scam where individuals have been cold called or emailed to transfer funds from their existing super fund into a new SMSF. In doing so, consumers are transferring their retirement savings into an unknown bank account held by the scammers.

The SMSF rollover scammers pretend to be financial advisers and promise returns of 8% to 20% per annum when the funds are transferred into the SMSF.

The scammers often use similar company names and email addresses to legitimate licensed companies and then create the SMSF and its separate bank account while being compliant with Australian laws, ASIC said.

The funds are then transferred into an…

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