ORGANISED crime costing Australians $36 billion a year, with superannuation accounts identified

ORGANISED crime is estimated to be costing Australians $36 billion a year, with superannuation accounts identified as an emerging and lucrative target for international syndicates.

A report to be released today by the Australian Criminal Intelligence Commission says crime gangs are increasingly trying to get their hands on the retirement savings of workers through methods such as identity theft and electronic hacking.

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

“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.”

While acknowledging regulators were responding to the new threat, the report found other types of identity crime were rising at an alarming rate…

Source: Superannuation savings targeted by international crime gangs | Perth Now