Super scam alerts

As one of your biggest investments, super is often a target for scammers. These scammers may pose as Financial Advisers or claim to be from your super fund. Their goal is usually to get their hands on your money or steal your identity. You can find out more about the latest super scams below.

Scam alerts

Cryptocurrency trading scams – August 2021

These scams usually involve offers on highly profitable trading systems based on individual expertise or through algorithms they’ve developed. The scammers may:

  • promise high returns with low risks
  • use fake celebrity endorsements to try and enhance their legitimacy
  • request the transfer of funds into a trading account, either via a crypto wallet or bank account
  • provide small returns sourced from other victims’ initial deposits.

They will then claim problems with making withdrawals and cut off contact.


Self-Managed Super Fund (SMSF) phishing scam – May 2021

These scams usually involve being cold-called or emailed by random individuals or organisations. They'll usually say they’re Financial Advisers or representatives of a SMSF. The scammers may:

  • promise high returns if you move all or some of your super to a SMSF
  • use email, web and company information that looks real
  • register actual businesses and even bank accounts in your name to appear genuine
  • ask you to provide personal information like identity documents to complete the transfer.

They’ll then access your account and transfer your super to their own bank account.


Superannuation early access scam – May 2020

These scams usually involve offers to help you access your super early. The scammers may: 

  • cold call you and offer help to access your super early, or some other benefit, deal or help with your account
  • email or SMS fake vouchers, financial help offers, or information related to COVID-19
  • appear to be from trustworthy organisations. These include your super fund, bank or a government organisation. They could even appear to be from your employer or someone you know
  • ask you to provide personal information such as identity documents.

They’ll then access your account and transfer your super to their own bank account.

Protect yourself from scams

The costs of scams can be devastating. Don’t become a victim, find out how to protect your super and identity.

Protect yourself

Identifying a super scam

Scammers are always finding new ways to target your assets and identity. Approaches may be sloppy with emails containing obvious errors. Or sophisticated, with legitimate business names, perfect spelling, and official looking addresses. They’ll often: 

  • Say they’re from your super fund, bank or a government agency.
  • Ask for personal information.
  • Offer help with withdrawing your super. This might be as one lump sum to an account that doesn’t belong to you, or as a withdrawal to a SMSF

Look out for promises of early access to super and unrealistic investment returns. And, always make sure operators are licensed. You can verify licensed operators on the Australian Security and Investment Commission’s (ASIC) Connect website.       

We’ll never send a SMS or email asking you to click on a link to update your personal information or linking to your account login page.  If you’re unsure about an email you’ve received from us, don’t click any links. Instead, open your web browser and enter our address australiansuper.com.

You can also check with us through mobile chat, social media or by calling 1300 300 273. 

Visit the below links from Scamwatch to find out more about the latest scams and how to spot a scam.

Scam News & Alerts

Spot the scam signs


The impact of scams

Scams can result in severe financial and mental health impacts. If you provide your personal information, you risk losing your super savings. When the funds are gone, they’re almost impossible to get back. Aside from the immediate financial impact, scams can also:

  • leave you with tax penalties for early withdrawals
  • lead to your identity being stolen
  • result in other financial losses.


Reporting scams

Let us know as soon as possible if you:

  • have provided personal information or your super account details to another person, or
  • notice any unusual activity on your super account.

You can keep track of transactions through your online account and the mobile app.

 

If someone attempts to scam you

Report it to us

Through the mobile app (the fastest option), email or by calling us on 1300 300 273.

Tell Scamwatch

You can report scam attempts to ASIC’s Scamwatch.

Tell ReportCyber

ReportCyber look into and advise specifically on cybercrime.

1.‘Australians lose over $70 million to bogus investment opportunities’, Australian Competition & Consumer Commission, 24 August 2021, available at https://www.scamwatch.gov.au/news-alerts/australians-lose-over-70-million-to-bogus-investment-opportunities
2. ‘Scam alert: Self-managed super fund rollover’, Australian Securities & Investments Commission, 13 May 2021, available at https://asic.gov.au/about-asic/news-centre/news-items/scam-alert-self-managed-super-fund-rollover/
3. ‘Superannuation early-access scams’, Australian Competition & Consumer Commission, May 2020, available at https://www.accc.gov.au/system/files/20-06FAC_Superannuation%20early-access%20scams_D02.pdf

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