Super not safe from fraudsters

A GANG of fraudsters are robbing victims of their superannuation savings in an alarming new identity scam.

Police believe the process begins with the theft of a super statement from private mailboxes.

After replicating the victim's identity onto counterfeit ID cards, the thieves create a Self Managed Superannuation Fund online with a linked bank account.

They then contact the victim's superannuation provider and, assuming their identity, request the money be "rolled over" into the fraudulent account.

Strike Force Gamut, comprising Sydney fraud detectives, said many victims were unaware they had been targeted because superannuation statements often were not closely checked.

The Australian Taxation Office and the Australian Securities and Investment Commission are aware of the problem.

A spokesperson for the ATO said: "The tax office is aware that this activity does occur and is working closely with ASIC in a joint effort to combat these illegal arrangements."

One New South Wales female victim, who asked to remain anonymous, said scammers re-routed her mail to a new address so it could be intercepted at their convenience.

They then set up a self-managed super account in her name, using fake IDs, along with a phoney bank account to launder themoney.

"They simply applied to transfer my super into another superannuation fund, which anyone can do.

"It's an opportune time to skim an account, because I was expecting a reduction in returns anyway."

(Source news.com.au)