Semi-retired and enjoying life, Frank* never expected to fall victim to a scam.
But he was lured in by increasingly sophisticated scammers, who convinced him he could throw a tiny bit of cash into the $57 billion NZ Super Fund and reap big rewards.
“It’s brutal,” he told 1News. “It leaves a scar on you.”
1News can reveal it’s the first time the NZ Super Fund, which invests billions of dollars for future retirees’ super payments, has been targeted like this. A cryptocurrency hoax was recently shut down.
After decades working in the financial services industry, the Auckland man thought he knew every trick in the book and asked a number of questions.
But fake Facebook profiles lured him in. Not only did two people purporting to be lawyers for the Super Fund convince him they were legitimate, they even impersonated a family member. He truly believed he was speaking to his family member, who convinced him it was a good deal.
And the Financial Markets Authority are warning this is just one of an increasing number of “imposter scams”, that use trusted brands to trick people into thinking it’s the real deal.
One in five Kiwis have fallen victim to investment scams in one form or another.
“It’s a really specifically devious form of scam,” the FMA’s Tammy Peyper told 1News.
“People are familiar with names such as NZ Super, there’s inherent trust in those names.”
The NZ Super Fund does not take investments from individuals.
For Frank, of the $40,000 he handed over, he’s…
