Superannuation Savings Being Scammed Through Identity Fraud

It pays to be vigilant even when we least expect a theft to happen. If you have bank accounts or credit cards, make it a habit to check your statements so that you can be sure that everything is in proper order. Another scam is on the loose with a good number of people losing their superannuation savings because of another mode of identity theft. Fraudsters are becoming expert on finding means to make use of other people’s personal information to access bank accounts.

The fraud is suspected to begin as a simple raid on private mailboxes to get hold of a super statement of bank accounts provided by financial institutions. They then copy the information onto fake IDs and link the bank accounts to the Self Managed Superannuation Fund, which these fraudsters created for themselves.

They would have to contact the institution that provides the superannuation using the stolen information to masquerade as the account holder. They would ask the providers to have the funds “rolled over” into the account of the fraudsters.

What makes the fraud continue without being easily detected is because the victims themselves were unaware. Superannuation statements are not always checked so is the crime. Another strategy of fraudster is to intercept the mail or re-route it to a new address so that they can have easy access to them. With just a few fake Ids and a fraudulent bank account, they can launder the money without any hassle.

The problem has now been disclosed to the Australian Taxation Office as well as the Australian Securities and Investment Commission. These illegal acts are now being closely monitored as a way to protect the bank account holders. However, the responsibility should also be claimed by those with bank accounts. Monitor your finances so that you can be the first one to police any crime. By being mindful of your personal information, you can be more in control of your life and that includes your personal information and your identity.