Help Protect Your Super from Financial Scams

Scams continue to increase in Australia, with Australians losing $2.74 billon to scams in 2023[1]. And it is investment scams making up the largest part of this amount at $1.3 billion1, with super one of the targets. 

A common investment scam is a self-managed super fund (SMSF) phishing scam[2]. Scammers will call or email, posing as a financial adviser or representative of a SMSF. They promise high returns if you move super into their ‘fund’, requesting personal information which they can then use to access your account.

Spotting a Scam

Scams can come in many forms and may target people by traditional mail, email, text messages or phone calls. Scammers will also use social media and other online platforms to target unsuspecting users.

Often scam messages look and sound legitimate, so it is important to beware of attempts to gain your personal information and access to your financial accounts. 

In addition to pretending to be from your super fund, bank, or a government agency, scammers will want you take an action like:

• Clicking a link
• Sharing access to your computer
• Providing personal or financial information
• Downloading a file.

Scamwatch, run by the Australian Competition & Consumer Commission, has up-to-date warnings about common investment scams. 

Think You’ve Been Scammed?

If you think your AustralianSuper account may have been compromised due to a scam, keep calm and follow these steps:

• Report it straight away. You can do this through the AustralianSuper mobile app or by calling us on 1300 300 273.
• Change your passwords. Call relevant financial institutions to let them know what’s happened.
• Contact IDCARE, Australia’s national identify and cyber support service. IDCARE offers support to those who have fallen victim to scams and fraudulent activity.

How AustralianSuper Communicates with Members

AustralianSuper uses email, mail and text messages to communicate with members. We may also speak with members by phone to confirm the legitimacy of a request to withdraw or transfer funds.

Some of our most common member communications include:

• Providing your annual statement
• Informing you that a benefit has been paid
• Confirming a recent investment option or account detail change
• Sharing relevant fund performance news and tips on managing your super
• Inviting you to our Annual Member Meeting.

Don’t click on any links if you’re unsure about a message that you’ve received from us. Instead, open your web browser and go to the AustralianSuper website.