Fraudsters Hitting Self-Managed Super Funds

Fraudsters Hitting Self-Managed Super Funds

Scams hitting Internet banking are pretty common (and quite easy to recognise), but online criminals will have a go at any potential source of income. The latest target? Self-managed superannuation funds.

A newsletter on tax crime from the Australian Taxation Office contains a stark warning to people running their own super funds:

Identity thieves are using other people’s details to register a self-managed super fund then arranging to roll victims’ other super savings into bogus funds. Posing as the trustee of the fraudulently established fund they then allegedly withdraw the savings and disappear.

To avoid that happening to you, make sure that you regularly check your superannuation statements for any unsuspected activity, and keep personal details such as your birthday private. We’ve pointed out the risks of dodgy offers to allow early access to your super before. Superannuation is likely to be your only source of income post-retirement, so it’s worth spending time making sure it’s secure. If you’ve had different superannuation plans via multiple jobs, check out SuperSeeker to track it down.

Targeting tax crime: a whole-of-government approach (PDF link) [ATO]

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