Sunday, May 17, 2009

Scammers after our super

Two stories today. First, a bunch of crooks are robbing people of their superannuation with an identity theft scam:

A GANG of fraudsters are robbing victims of their superannuation savings in an alarming new identity scam.

Police believe the process begins with the theft of a super statement from private mailboxes.

After replicating the victim's identity onto counterfeit ID cards, the thieves create a Self Managed Superannuation Fund online with a linked bank account.

They then contact the victim's superannuation provider and, assuming their identity, request the money be "rolled over" into the fraudulent account.

Secondly theres an even bigger rip off brewing:

THE Government plans to tap Australia's $1 trillion pool of superannuation savings to help plug a $58 billion hole in its nation-building program.

The funding shortfall for approved infrastructure projects has raised concerns that unless a greater portion of national savings can be accessed, some of the 15 rail, road and ports projects announced by Wayne Swan as Tuesday night's Budget centrepiece may never be built.

Silly me, I went ahead and increased my super contribution last year.

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