Public must get smarter as scams get wilier

Financial and investment scams in Australia are increasing and becoming more sophisticated, according to the Australian Securities & Investments Commission.

The eight key areas are retirement planning, superannuation, electronic commerce, insurance, dispute resolution, financial literacy, consumer rights, and credit.

The commission has developed a consumer education strategy to aid investors in the analysis of financial products.

The commission has developed a web site as the main thrust of its education program, but brochures and printed information, along with forums and public discussion, are also planned.