Protecting your super fund from scams
A guide for ensuring financial security during retirement.
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Key points
- How to identify common signs of super fund scams
- How to protect yourself from super fund scams
As the digital age advances, so do the tactics of scammers seeking to exploit the vulnerability of individuals, particularly seniors.
A scammer may contact you pretending to be from a financial organisation, such as a bank or super fund.
They may appear legitimate and give the impression that they are genuine. They may ask for your personal or account details and may send an email with a link.
Once you click on the link or open the attachment, you may be asked to enter your sensitive personal information that scammers can use to gain access to your super account.
Protecting your super fund is crucial to ensuring your financial security during retirement.
Unsolicited contact: Scammers often initiate contact through unsolicited phone calls, emails, or messages. They may pose as representatives from legitimate financial institutions, government agencies, or even your super fund provider. Be wary of any unexpected communication seeking personal information or immediate action.
High-pressure tactics: Fraudsters use high-pressure tactics to create a sense of urgency. They might insist that you must act immediately to secure your funds, offering limited-time deals or threatening penalties if you do not comply. Genuine organisations will never rush you into making decisions.
Requests for personal information: Scammers may ask for your personal details, such as your superfund account number, tax file number, or banking information. Legitimate institutions will not request sensitive information through insecure channels.
Promises of high returns: If an offer sounds too good to be true, it probably is. Scammers may promise excessively high returns on your investments with little to no risk. Always be skeptical of unrealistic promises and consult with a trusted financial advisor.
Fake websites and documents: Fraudsters often create convincing fake websites and documents that closely resemble those of legitimate organisations. Double-check the authenticity of any website or document you receive and verify its legitimacy through official channels.
Here are some tips to protect yourself from scams:
Verify the source: Always verify the identity of the person or organisation contacting you. Use official contact information from your super fund provider's website or your latest statement, rather than relying on numbers or links provided in unsolicited communications.
Educate yourself: Stay informed about the latest scam tactics and trends. Regularly check reputable sources such as the Australian Securities and Investments Commission (ASIC) and the Australian Competition and Consumer Commission (ACCC) for updates on scams and fraud prevention tips.
Use strong passwords: Protect your online accounts with strong, unique passwords. Avoid using easily guessable information such as your birth date or common words.
Enable two-factor authentication: Wherever possible, enable two-factor authentication (2FA) on your online accounts. This adds an extra layer of security by requiring a second form of verification, such as a text message code, in addition to your password.
Monitor your accounts: Regularly review your superfund statements and account activity for any unauthorised transactions or changes. Report any suspicious activity to your superfund provider immediately.
Seek professional advice: Consult with a licensed financial advisor before making any changes to your super fund investments. They can provide guidance on legitimate investment opportunities and help you avoid potential scams.
Report scams: If you think you’ve been targeted by someone who is trying to access your super, report it to:
Your super fund
Scamwatch
Australian Taxation Office.
Protecting your superfund from scams is essential to safeguarding your financial future. By staying vigilant, educating yourself, and following the steps outlined in this article, you can reduce the risk of falling victim to fraudulent schemes.
Remember, genuine organisations will not pressure you into making hasty decisions or request sensitive information through insecure channels. Stay informed and consult with trusted professionals to ensure the security of your super fund.
- Stop: If you receive an unexpected call, email, or text requesting personal information or immediate action, pause and consider its legitimacy.
- Check: Verify the authenticity by contacting the organisation directly using official contact details. CommBank also updates the latest scams, fraud and security alerts to help keep Aussies in the know. Search “CommBank Latest Scams” to learn more.
- Reject: If something feels off, do not engage. Delete the email, hang up the call, or block the number.
