Superannuation fraud is the latest earner for organised criminals who are targeting unsuspecting victims nationwide, with victims remaining unaware for years that they have been duped..........
Criminals exploit a range of techniques including phishing to first steal the identity of victims, before transferring their superannuation money into self-managed accounts or applying for hardship payments. Identity rules around self-managed funds and hardship payments are weak. The bank accounts receiving the stolen funds are not checked against existing records and can be in multiple names..........
The AFP said fraudsters also target older people with investment scams that offer early access to super money, or the promise of large financial gains, in increasingly sophisticated operations that appear legitimate..........
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