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SMSF investor falls victim to fraud

Police have warned SMSF investors to be vigilant about security following the arrest of a man on fraud charges after he allegedly cheated an SMSF investor out of $120,000.

On 16 January, the 35-year-old man fronted Cleveland Magistrates Court in Brisbane on one count of fraud and one count of dealing with identification particulars, South Brisbane police said.

It is alleged the man gained access to a 62-year-old Logan resident’s superannuation fund and withdrew large quantities of money. The victim was alerted to the alleged crime when he was unable to gain access to his superannuation account, the police said.

Queensland Police Fraud and Corporate Crime Group detective superintendent Brian Hay said the incident was a keen reminder that SMSF investors needed to be extra cautious.

“While we focus quite heavily on Internet scams and securing your identity online, sometimes we forget scams like this can occur from old-fashioned mail theft,” Hay said.

“Someone may steal your bank statement out of your mail box and use those details to gain access to your money.

“Consider online statements, but when moving to an online source, do not respond to emails from banks or funds requesting you update your password or details, and go the extra mile and do further checks when contacted by your institution.”

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