AIST supports fraud prevention
The Australian Institute of Superannuation Trustees (AIST) plans to work closely with superannuation funds to enhance fraud communications with soon-to-retire members or those switching to the self-managed super fund sector.
The announcement comes as the Australian Crime Commission embarks on a nation-wide mail-out in order to alert super members to the possibility of fraud.
"For many people, this is the first time they have a relatively large amount of money to invest. They are looking for advice and can be vulnerable to fraudsters promising retirement riches," AIST chief executive Fiona Reynolds said.
Reynolds said it was important to remember that Australian Prudential Regulation Authority (APRA) funds were not at risk.
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