Like everyone else, Australians are trying to use the best strategies to ensure that they have enough money for retirement. The last thing you want is to lose your hard-earned money due to a scam. Unfortunately, there are lots of scammers out there working hard to get their hands on your money.
According to the Australian Competition and Consumer Commission’s (ACCC) Scamwatch, scammers targeting superannuation accounts have fleeced millions of dollars. Often, the scammers target people who are in debt or unemployed, but in reality; anyone can fall for these scams.
Superannuation scams are some of the most common types of scams in Australia today where scammers are targeting the retirement nest eggs of unsuspecting fund members. Losing your retirement money to a scammer can be quite devastating.
What are the superannuation scams
Superannuation is an Australian pension program that benefits its employees after retirement. In most cases, pension plans for Australians are usually referred to as “Super.” As a fund member, deposits to your superannuation account will grow through appreciation until retirement. Statistically, Australians have more than 3 trillion dollars in super funds. With such large amounts of money, it is no surprise that the super pool is a hacker’s target. Superannuation scams are the types of scams where individuals lose their super funds to scammers.
Typically, the scammer may approach the victims by direct contact or access to their device. In either case, the scammer seeks to gain personal information from the target in a convincing manner. On one hand, they may send a text or email prompting the user to click a link maybe to verify their information. The texts and emails seem to be from a legitimate source but once the victim clicks on the link, it downloads malware that allows the scammer to gain access to sensitive information. On the other hand, the scammer may approach you in person, call or send a letter in the post. Whichever the case, the scammer seeks to access the victim’s personal information and uses it to gain access to their super account to transfer funds or divert payments. Unfortunately, the victim is not aware of the theft until they receive a statement or check their super account balance online.
How to protect yourself from superannuation scams
Some of the things you can do to protect yourself from superannuation scams include:
Check your super account balance and contact details regularly: You must log in to your account regularly and check your account balance. Ensure that you log in through your super fund’s website. Besides, ensure that your account has the correct mobile number and email address to make it easier for the organization to get in touch in case they notice any suspicious activities in your account.
Some of the things you can do to protect yourself from superannuation scams include:
- Check your super account balance and contact details regularly: You must log in to your account regularly and check your account balance. Ensure that you log in through your super fund’s website. Besides, ensure that your account has the correct mobile number and email address to make it easier for the organization to get in touch in case they notice any suspicious activities in your account.
- Know who you’re dealing with: If you’re approached out of the blue about your super, be wary. Reputable companies will usually only get in touch if you’ve given them permission to do so. If you’re not sure whether an approach is legitimate, you can check the financial services register to see if the company or individual is licensed.
- Be careful what you click on: Scammers often use phishing emails and texts to try and trick people into disclosing their personal or financial information. Be wary of any unexpected communications that offer too-good-to-be-true investment opportunities or ask you to click on a link or open an attachment.
- Don’t give out your login details: Your super account login details are valuable – they would allow scammers to access your account and potentially steal your money. Never give them out, no matter how plausible the story might seem.
- Check your statement regularly: Keep an eye on your super account balance and transactions to make sure everything looks correct. If you spot any unfamiliar activity, contact your super fund immediately.
- Be cautious about offers of “early release”: Superannuation is designed to provide for your retirement, so be wary of anyone promising early access to your funds. In most cases, it’s only possible to access your super early in exceptional circumstances, so if someone is pressuring you to withdraw money before retirement, be very suspicious.
The last thing you want is for a scammer to wipe your super clean. As such, you should be vigilant. Moreover, ensure that you contact superannuation in case you have any concerns or questions regarding your funds.
