A call center in the Philippines is under investigation for its alleged connection to a complex scam defrauding Australians of their superannuation funds. The ABC’s 7.30 program has disclosed that one facet of the scam involved the unauthorized use of details from a company linked to the financial institution AMP, making the scheme seem credible and regulated within Australia.
The Australian Securities and Investments Commission (ASIC) is currently advancing multiple investigations, indicating that some have reached significant stages. During a coordinated raid, the Philippine National Police Anti-Cybercrime Group, with Australian cyber-crime investigator Ken Gamble present, apprehended the call center’s staff who were engaging in scripted calls designed to extract personal financial data from Australians.
Ken Gamble’s firm IFW Global filed a criminal complaint in the Philippines on behalf of six Australian victims who allege losses amounting to $3.3 million due to superannuation scams connected to this call center. These scams begin with information collection at the call center and escalate with subsequent contacts from purported financial planners, well-versed in superannuation fraud.
In one incident, Rob Wade, a Queensland builder, received a call from a firm named Australian Securities Administration Limited (ASAL) Group, which pitched an investment using a self-managed super fund. Despite verifying details like the Australian Business Number (ABN) and Australian Financial Services (AFS) license, Wade transferred close to $200,000, only to later suspect a scam. His daughter Rebecca Wade’s vigilance halted a fraudulent transaction on her account but could not prevent the loss of her parents’ funds. The Wades’ ordeal highlights the challenges faced by scam victims when seeking support and accountability from authorities.
The scam, involving a cloned company name and credentials, was sophisticated, complete with convincing websites and detailed investment pitches, including the use of a non-existent Morgan Stanley product. Victims like IT professional Louie Rinaldi lost substantial amounts, with funds being swiftly transferred overseas or into cryptocurrency, complicating recovery efforts.
ANZ Bank, implicated as the institution where victims’ funds were deposited, reported the scam to Victoria Police, and the investigation is ongoing. The aftermath of the raid saw the home of a British man believed to be running the call center also raided, though no charges have been filed as investigations continue.
AMP has expressed regret over the victims’ experiences and has managed to recover or reimburse funds for most of the affected customers. The Australian Federal Police have conducted searches in Melbourne linked to ASIC’s ongoing investigation into the scam, which has highlighted the need for Australians to be extremely cautious with third-party contacts concerning investments and superannuation. ASIC’s deputy chair Sarah Court warns that financial scams are increasingly frequent and sophisticated, often involving impersonation and the misuse of personal details to gain victims’ trust.
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