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.
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.
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.
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.
If someone attempts to scam you
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