Fisher Capital Management Scam Prevention News: Card skim scams steal $170m

Australia has recently been targeted by skimmers from Romania, Southeast Asia and Sri Lanka

CREDIT and debit card fraud has tripled in just three years, with Australian consumers ripped off more than 657,000 times last year at a cost of $170 million.

The multi-million-dollar profits have attracted organised crime, with Australia recently targeted by crime groups from Romania, Southeast Asia and Sri Lanka.
These gangs are involved in large-scale card skimming, the Australian Crime Commission revealed in a report released today.
Organised crime groups have also moved into superannuation fraud, using stolen identities to access savings or unclaimed superannuation funds.
“Evidence has emerged of groups targeting superannuation holdings,” the report said.
One early-release scheme involving 121 clients netted crooked fund managers more than $685,000, which was moved out of Australia through low-value international funds transfers to the Philippines and Pacific Island nations.