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New superannuation fund identity fraud scheme

A recent police investigation has uncovered a multi-million dollar identity fraud scheme.

A crime syndicate has been emptying out the accounts of superannuation fund members by initiating fund rollovers to fake self managed superannuation funds (SMSFs).

The quality of documentation used in these fraud schemes are eligibly reaching levels that superannuation fundsacross Australia haven’t seen in a long time

People have been advised to check their superannuation fund benefit statements twice a year, to take extra care to protect their PINs and passwords, and to be careful who they give their personal information to.

NSW Police is asking people to contact the Australian Securities and Investments Commission if they suspect that their superannuation fund has not properly accounted for their superannuation. They also encourage people to know where all of their superannuation entitlements are at all times and to make sure they are receiving regular statements.


  • Put a lock on your letterbox.
  • Keep your personal information confidential.
  • Regularly check your superannuation fund statements.
  • Notify your superannuation fund of address changes promptly.
  • Be wary of early release schemes.
  • Buy a shredder.


Source: The Australian, May 2010

May 2010

About Russell Cain

Russell Cain(Can be on found on Google +) is the CEO of xLife Pty Ltd, an award winning life insurance comparison service which incorporates the Life Insurance Direct and xLife brands. He has over 10 years experience in the accounting and finance industry as well as over 15 years experience in running small business. It was in 2005 when running one of these small businesses that xLife first materialised as Russell realised the importance of sound financial advice, high level of customer service and the important of openness and transparency with customers. In his spare time, Russell is an avid property investor and home renovator, enjoys cycling and playing squash and also participates in an entrepreneurial mentoring program where he currently helps mentor small business owners to help achieve their goals.