Aged care workers a target for super fraud
The Australian Securities and Investments Commission (ASIC) and the Australian Tax Office (ATO) have warned that aged care workers have been targeted for scams encouraging illegal access to early access to superannuation funds.
The scammers have targeted various groups and they charge a large fee for claiming to arrange early access to super. While most scams are occurring in Sydney, prosecutions have occurred from the Gold Coast to Melbourne.
ASIC said the schemes were illegal and attracted significant legal and financial penalties to promoters and clients. The fees charged in fact are coming from the victim’s own funds.
There are legal provisions for accessing superannuation early but if claimants are eligible, the release of the funds is free.
ASIC and ATO said the scammers were taking advantage of people who may have a short term financial problem. The authorities suggest that if this is the case, people should seek financial counseling which offers a free, confidential and independent service. Their details are at www.afccra.org.
