The scammers will prompt victims to do a bogus superannuation comparison, often borrowing the name and Australian financial services licence of real businesses, and setting up fake websites to appear legitimate.
“They will tell you there is no need for you to engage directly with the ATO, ASIC or any other tax or super professional,” the ATO said.
‘They will transfer your super into bank accounts they control and disappear with it.’
— ATO spokeswoman
“If you agree to invest, they will transfer your super into bank accounts they control and disappear with it.
“Even if you don’t agree to invest, if you provide them with enough personal information, they may use this to transfer your super from your existing account without you knowing, ultimately stealing your super savings.”
There has been a global rise in sophisticated investment scams since the onset of the COVID-19 pandemic.
Last year, Britain’s Financial Conduct Authority sounded the klaxon on the “attack of the clone firms”, companies hijacking the real-world identities of major institutions and individual bankers. It said more than £78 million ($145 million) had been stolen over the 2020 calendar year by scammers impersonating big financial institutions.
Last week, the International Organisation of Securities Commissions highlighted how “the current market environment may have created a fertile ground for fraudulent or scam activity by fraudulent or unauthorised or otherwise non-compliant…
