Advise based scam

What happened

• Steve was introduced by word of mouth to an adviser named Sam
• Unknown to Steve, Sam is not a licensed adviser
• Sam explained to Steve ways to access super while not meeting a condition of release

What happened next

• Steve agreed to pay Sam a 10% fee to request a withdrawal from his super
• Sam obtained ID documents & signed blank forms from Steve opening up id theft risks
• Steve ultimately paid $35000 to withdraw $350000 from super

How to protect yourself

• Check the adviser if they are licensed via moneysmart
• If you are unsure about advice recommendations, seek a 2nd opinion
• Contact your bank or super fund immediately if unsure.