Crypto investment scam

What happened

• Mary was contacted about investing in cryptocurrency and encouraged to set up an SMSF.
• She was instructed to open multiple bank accounts and move funds into crypto platforms.
• Cryptocurrency placed into her wallet was quickly removed by unknown parties.

What happened next

• Red flags identified during a financial advice appointment indicated scam activity and possible money laundering.

How to protect yourself

• Be wary of unsolicited cryptocurrency investment offers.
• Never move money for someone else.
• Do not keep financial activity secret.
• Seek independent advice before setting up an SMSF.