Tips to Protect Your Super from Scams

Scams are on the rise in Australia and as one of your biggest investments, your super can be an attractive target for scammers.

Recently they’ve been targeting individuals with clever techniques which aim to steal personal details, identity or hard-earned retirement savings.

Scammers who target super are skilled at sending messages where they impersonate super funds, government agencies or financial advisers. 

Often their goal is to trick you into giving away important information like your super member number, login credentials or bank account details. 

If they can gain access to your super account they can also withdraw your money. Some scammers may even try to convince you to access your super early due to hardship or for investment opportunities. 

They may also pose as self-managed super fund (SMSF) advisers and promise very high returns to trick you into transferring your super funds into an SMSF, which is actually the scammer’s own account. 

How to spot a super scam email, SMS or phone call

• Emails: Look out for emails with poor grammar and spelling errors, urgent requests and language like ‘act now!’, and an unfamiliar or unusual sender address. Hover over links to check if they lead to legitimate websites before clicking them. Don’t enter super login details directly into an email – always use your trusted login page to access your account.
• SMS messages: Scammers can make texts look genuine. Be cautious of messages claiming to be from your super fund, especially ones that have suspicious looking links or ask you to provide your personal information.
• Phone calls: If someone calls you and claims to be from a super fund, a financial adviser, bank or a government agency and asks for sensitive information like your login details, it’s almost certainly a scammer. Always question unexpected requests for personal or financial details from callers you don’t know, especially if you feel pressure to act quickly or if they promise you early access to your super.

How to protect your super from scammers

• Never share your super account information, identification documents or password unless you’re certain the recipient is legitimate.
• Create a strong password and update it regularly. Make it easy to remember but hard to guess, and include a variety of letters, numbers and symbols.
• Check your super account and statements regularly. If you see a change to your personal details that you didn’t make, or a suspicious-looking transaction, report it to your fund immediately. 

See AustralianSuper’s Tips for keeping your super safe.

If you suspect you’ve been targeted by a scam, contact your super fund and report the incident to the Australian Government’s Scamwatch webpage.

_{Sponsored by AustralianSuper Pty Ltd, ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.} 

_{Any general advice provided in this article is provided under the AFSL held by AustralianSuper, it does not take into account your personal objectives, financial situation or needs. Before making a decision, consider if the information is right for you and refer to the relevant Product Disclosure Statement, available at australiansuper.com/PDS or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/TMD.}