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Fraudsters targeting self-managed super investors in this regional city

Backyard pools in home in Coffs Harbour in New South Wales. Image: Getty

Australians living in Coffs Harbour have been warned to look out for super spruikers targeting those in the coastal city.

The super spruikers don’t have the required licenses to provide financial advice and are targeting locals outside shopping centres and approaching people in the street.

The spruikers prompt consumers to roll their super savings into a self-managed super fund and use these savings to pay off debts or purchase big-ticket items like a car. The spruikers also offer to do this without any upfront fees.

However, the corporate watchdog is warning that these spruikers are not licensed and switching to a self-managed super fund is a “complex and costly process”.

Get it wrong, and consumers stand to lose thousands.

In fact, breaching the ATO’s superannuation rules can lead to fines of up to $16,800.

A year of scams

It’s only the latest in a long line of scammers and fraudulent actors targeting Australians in 2018.

Last week scammers demanded bitcoin payments in exchange for the non-detonation of bombs, and Scamwatch is also warning Australians to keep an eye out for deals that look too good to be true this Christmas.

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