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