Wed, 17th Jul 2024

In this episode of Weekly Superannuation News Wrap, host Paige Estritori discusses an emerging issue of crime syndicates targeting Australian superannuation funds. On the radar is AUSTRAC's report indicating 10-50% of superannuation fraud crime profits traced back to organized crime. Estritori points out the surprisingly low industry gauging of this criminal threat, despite increasing evidence of professional service providers unknowingly facilitating fraudulent activities. These typically stem from cybercrime breaches of personal details. The stolen money is often funneled into self-managed super funds through complex transactions, to eventually enter the market. Australians are urged to stay informed and vigilant, with particular caution needed in the legal and accounting sectors. This episode serves as a reminder of the need for robust preventive measures against the looming threat over the next three years.