11th Sep 2017

Superannuation savings being targeted by organised crime gangs

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Superannuation savings being targeted by organised crime gangs
Leon Della Bosca

With organise crime already costing Australians around $36 billion each year, it should come as no surprise that criminals are now increasingly targeting the next big golden goose – the $2.2 trillion superannuation sector.

According to the Australian Criminal Intelligence Commission (ACIC), organised crime gangs and hackers are trying to rob Australians of their super savings, through complex phishing scams and electronic hacking.

“A recent increase has been observed in the use of targeted online methodologies to fraudulently access an individual’s superannuation account,” states the Organised Crime in Australia report.

“SMSFs (self-managed super funds) are particularly vulnerable to incidents of fraud, in part due to the desire of individuals to source and control their own investments.”



The report also states that identity crime, where personal and financial information is stolen, last year cost Australians $2.2 billion – an increase from $1.6 billion in 2014.

"As visibility of criminal activities becomes increasingly obscured through new technologies and sophisticated methods, it is clear that a connected, informed and collaborative response to the threat is required," said ACIC acting chief, Nicole Rose.

An Australian Institute of Criminology survey states that identity crime is now the most common form of household-related theft.

The ACIC report also pointed out that the use of "professional facilitators" was becoming a serious issue.

"The most common professions exploited by organised crime include lawyers, accountants, financial and tax advisers, registered migration agents, stockbrokers, real estate agents and customs brokers," states the report.

Federal Justice Minister Michael Keenan said that fighting organised crime in Australia was a massive challenge.

"That co-operation between state and federal law enforcement is absolutely vital if we're going to have a compressive national response to beat criminality," he said.

How safe is your super? Do you trust your professional advisers?

Related articles:
Is your credit card being scammed?
Inside a scammer's bag of tricks
I've been hacked, what now?





COMMENTS

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floss
11th Sep 2017
11:50am
Organised crime attacking our super funds, silly me I thought it was the Federal Government.
Raphael
11th Sep 2017
1:15pm
Government is not doing anything to your funds
You're listening too much to the scaremongerers , the lefties and fake news
Tib
11th Sep 2017
1:39pm
Raphael I'm not aware of the government taking any of our super. Without the left you wouldn't have super because the left introduced it. If anyone is going to attack our super it's the right after all they don't like their slaves not turning up one morning without being dead. Look what their doing to the pension, every time you look you have to be older to get it, next thing it will be 80 years old to get it.
Raphael
11th Sep 2017
2:10pm
Tib - maybe if Australians stopped living longer and dying younger , government can start to reduce pension age

Or - here's a big OR
Perhaps people can start saving into super for 30 years and have a nice nest egg by the time they reach 60
And won't need pension for decades
KSS
11th Sep 2017
12:29pm
Ultimately it will be people's stupidity and greed that will allow this to happen. The old adage is still valid:

If it seems too good to be true, it probably is!
floss
11th Sep 2017
1:42pm
Wake up Raphael this excuse for a Government has interfered with super and pensions from day one after a promise not to do so.Could any one believe you and your mates.
Raphael
11th Sep 2017
2:12pm
Labor starteded increasing eligibility age

Now tell me what have the liberals done to affect your super unless your in the top 10% in earnings and wealth
Sundays
11th Sep 2017
4:13pm
Come on Raphael, there have been frequent changes to concessional and non concessional contributions, changes to transition to retirement pensions, treatment of taxation for defined benefit pensions for a start and these changes affect ordinary people and their ability to plan for the future.
Raphael
11th Sep 2017
7:08pm
how has the concessional and non concessional changes changes affected you unless you are earning in excess of 150k p.a. and have more than 300K to dump into super non concessional?

Unless of course you're a champagne socialist ,or an union official
KSS
11th Sep 2017
8:49pm
Raphael I can tell you how it has affected me. I earn well under the average wage and until July 1 this year I was sacrificing the full allowable amount of $36000 including the employer contribution into super. I then made up the shortfall in income with a pension via the transition to retirement arrangement. This pension was tax free and the contributions were taxed at 15%.

Now the maximum I can sacrifice is $25000 including employer contributions and the pension is now taxed at 15% as is all interest on the pension account.

So the changes have affected me negatively and I earn about 60% less than your bottom figure of $150000! Ultimately my super will probably now fall short of allowing me to be self financing at retirement as I had planned by a minimum $100000 over the next 6 years.
Priscilla
11th Sep 2017
4:58pm
Modern technology is so fraught with danger. More people have been scammed since it commenced than ever before, and yet we are continually encouraged, if not forced, to use it!
Eddy
11th Sep 2017
7:42pm
A golden rule is to never give details to anyone you cannot be certain is who they say they are. For instance I had a phone call a few days ago from 'Wendy' from 'Westpac Bank Headquarters" . She addressed me by name, as in MR ...., and told me the call was about the refund of excess charges the bank was going to make to me. She asked for my full name, Tax File number and date of birth. When I declined and told her the bank already had these details she promptly hung up. An obvious scam call trying to steal my identity. I reported this to Scamwatch.


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