POWERED BY MOMENTUM MEDIA
Australian Crime Commission cracks down on investment fraud
The Minister for Home Affairs and Minister for Justice Jason Clare has tagged the growing level of Australia's superannuation savings as an attractive pot for international fraudsters.
A report commissioned by the Australian Crime Commission and Australian Institute of Criminology found 2,600 Australians may have lost more than $113 million to organised investment fraud in the past five years.
Targets were typically male, aged over fifty with high levels of financial literacy, and most victims managed their own super through a self-managed super fund, the report found.
Targets were usually cold-called from outside Australia and directed to a flash website. Once the money changed hands the trail went cold, it said.
Australian Securities and Investments Commission chairman Greg Medcraft said fraudsters had fooled even the most skilled investors.
"Perpetrators of this type of fraud are skilled at using high-pressure sales tactics over the phone and using email to persuade their victims to part with their money," he said.
Over the next two months, the ACC will send an informational mail-out to all Australians, making it the largest postal sting to combat organised crime.
"This problem is not going to go away. Australia's retirement savings are growing - making us a bigger target every year," Clare said.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
Australian retirees could increase their projected annual incomes between 3 and 51 per cent by incorporating personal and household data into their retirement income strategies, according to new research.
The best interests duty and new class of adviser didn't make the cut for the pre-election DBFO draft bill; however, ASFA has used its submission to outline what it wants to see from the final package.
The peak body stressed that the proposed financial advice reforms should “pass as soon as possible” and has thrown its weight behind super funds providing a greater level of advice.
Economists from the big four banks have all predicted the RBA to deliver another rate cut during its July meeting; however, some admit the decision will be a close call.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
