A sophisticated new scam has been uncovered that targets the retirement nest eggs of Australians.
Key points:
- At least 45 self-managed super funds have been made for potential victims
- Investigator Ken Gamble believes there is evidence to link the Invest Quick scam to the Metro Manila call centre
- It is understood the Invest Quick scam ran from at least late 2020 until April last year
The ABC’s 7.30 program can reveal the scam used the names Invest Fast or Invest Quick and pretended to be a financial advice firm based in Melbourne.
Scammers would cold-call victims and set up self-managed super funds (SMSF) for them so they could supposedly achieve high investment returns.
At least 45 SMSFs were created for potential victims.
The scammers would then steal their victims’ superannuation, either by getting them to agree to rollover their funds or forging the rollover documentation.
It has exposed the vulnerability of a superannuation fund and a major bank to scam activity, increasing calls for more to be done to protect and reimburse scam victims.
‘It’s just gone’
Townsville small business owner and father of three Andrew Holmes has lost more than $220,000.
“It’s just completely consuming, it just doesn’t leave my brain,” Mr Holmes said.
“I worked so hard my entire life and I put money away, extra money away … and it’s just gone.”
Two weeks…
