Super scammers defrauded Lee of his retirement savings. Industry experts are calling for better protections

Lee Braz's entire super, $180,000, was stolen by scammers who used fraudulent documents to trick his fund.

In sales documents it claimed to have impressive returns using money from self-managed super funds to invest in tech and finance giants like Google and Visa. His fund didn't have multi-factor authentication in place — so he never received an alert by text message or email.A sales script to screw Aussies out of their super

"These were very cleverly prepared scripts … to explain all the so-called legitimate services that this fraudulent organisation was actually carrying out," Mr Gamble said.While no charges have been laid in the Philippines, a criminal prosecution is underway in Australia of a man with direct links to the call centre.

It found he wasn't entitled to one cent because the fund had met its obligations and carried out basic checks.This time the judge found in his favour — ruling the ombudsman's decision should be scrapped. Lee was awarded 30 per cent of what he lost, about $54,000, leaving him worse off after paying legal fees."I'm actually worse off by fighting it and winning in court than if I'd left it and just said goodbye to all that super."Josh Mennen is a lawyer with firm Maurice Blackburn who specialises in superannuation disputes."It's so manifestly unfair and unreasonable for Mr Braz," he said.

It said scams and fraud in superannuation was "an emerging area" and it had taken into account the Federal Court findings."I see glaring similarities. I would expect AFCA to reopen and look at my case again," Mr Holmes said.AFCA's lead ombudsman for superannuation Heather Gray said in a statement, "We urge superannuation fund trustees to keep their processes under review, and to make full use of facilities such as multi-factor authentication".

Mobile phone pings, a burnt-out campsite and the 'Button Man': Inside the missing campers investigation

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Kakadu's Jeffrey Lee plans to invite tourists to Koongarra despite ongoing park closuresA decade ago Jeffrey Lee gave his uranium-rich land to Kakadu National Park. Now he plans to open it to visitors and tour companies frustrated by ongoing closures of other areas can't wait.
Source: abcnews - 🏆 5. / 83 Read more »

NSW announces strata management industry reforms, including stricter rules on commissions and conflicts of interestThe NSW government pledges to 'stamp out bad behaviour' and strengthen oversight of the state's strata management industry in the wake of an ongoing ABC investigation that has revealed the systemic exploitation of unit owners and a widespread culture of kickbacks and secret commissions.
Source: abcnews - 🏆 5. / 83 Read more »