How to protect from super scams

Scams unfortunately impact a large number of Australians each year. The methods criminals use to steal money and personal information from victims are always changing and becoming more advanced.

Scams

Criminals can target people of all ages and genders with different types of scams. The most common scams in 2024^* were:

• Investment – Scammers use convincing marketing to make their fake investment sound too good to miss and promise big payouts to encourage you to hand over your money.
• Romance - Using dating, romance or friendship, scammers work to gain your trust before asking you for money then disappearing.
• Phishing – Scammers contact you pretending to be from a legitimate business, such as a bank, and trick you into giving out personal information including account numbers or passwords.

Criminals are also targeting Australians with superannuation scams to fraudulently access some of the trillions of dollars held by super funds.

Common superannuation scams include:

Self-managed super fund scams

Scammers encourage you to open a self-managed super fund (SMSF) promising you more control over your super and different investment options like cryptocurrency. Scammers may not be pushy and work to build trust with you over time. They often have convincing marketing material showing high returns and once you’re invested, they will provide false returns information on the investment. Scammers will also offer to do everything for you telling you there is no need for anyone else to help take care of the SMSF.

Early access super scams

These promise you easy and early access to your super, before you’re generally allowed to. Scammers offer to complete the genuine documents required to access your super early which provides them with your personal details and the details of your super fund account. This type of super scam may also offer transferring your super into an SMSF for earlier access.

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‍Identify theft

Identity theft is when someone uses your personal information, without consent, to gain a benefit. Some examples include a criminal using your personal information to get a credit card, apply for a bank account or undertake illegal activity.

You could fall victim to identity theft if you have key identity documents such as your driver’s licence or bank statements stolen. A criminal could also combine smaller pieces of personal information that you may share online with publicly available information to steal your identity, for example using information to access your personal email or myGov account, or information about your super.  

Some signs that you may have had your identity stolen include:

• you receive bills or receipts for goods or services you haven’t purchased,
• items you don’t recognise appear on your bank or credit card statements,
• you stop receiving mail usually delivered to your address, or
• you’re contacted about Government benefits you haven’t applied for.

Tips to protect yourself

To help protect yourself from superannuation fraud and other scams there are some simple steps you can take.

• Review your accounts and statements regularly for unusual activity and suspicious transactions.
• Check your contact details to ensure there has not been an unauthorised change to your personal details.
• Read the communications you receive from your bank, super fund and other companies you hold accounts with.
• Use strong, unique passwords or passphrases and multifactor authentication for each of your online accounts.
• Look out for incorrect spelling and grammar in communications and incorrect web addresses for legitimate companies in links.
• Secure your devices by using tools such as antivirus software and by keeping your software and devices up to date.
• Be careful what you share online on social media and other public sites.
• Scammers can target social media ads and messaging. Remember, if it is too good to be true, it probably is.
• Keep your paperwork safe by locking your letterbox, storing personal documents securely and shredding paperwork for disposal.
• Follow the suggested tips to protect your MyGov account

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Don’t respond to text messages using the phone number provided if you don’t recognise the sender or if you are speaking with someone via email or phone that you suspect may not genuine, end the conversation. You can call the person back on a phone number you have found yourself (on a company website or in the phone book) to check if the communication was real.

A scammer will not have a valid financial services licence to operate in the financial services industry and you can easily check with ASIC to see if a company is registered, or with APRA for companies or individuals who have been disqualified from practicing.

What to do if you’ve been scammed

If you believe that you’ve fallen victim to a scam, identity theft or another cybercrime it’s recommended that you:

• Log out of all your online accounts.
• Change all your online account passwords.
• Ensure you have multi-factor authentication set up for online accounts.
• Contact your bank and financial institutions, including your super fund to tell them what has happened.
• Support is also available from organisations such as IDCARE.

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You should also report it to:

• Scamwatch
• ReportCyber
• Your local police

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What to expect from us

We’re here to help if you believe you may be a victim of superannuation fraud or identity theft. Call us straight away to tell us how you’ve been impacted and secure your account.

To help you determine if a call or email from us is legitimate, this is what you can expect:

• Our team will clearly identify themselves when they call you and provide information about why they’re calling.
• We will not ask you for your login details.
• We will run security checks to confirm you’re the account holder before sharing personal information on a call.
• We require proof of identity for transactions such as withdrawals.
• We will never ask for remote access to your computer or other device.

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If you need help with your account or setting up multi-factor authentication for your online account give us a call.