Helping Protect Your Super From Financial Scams
Oct 14, 2024
Scammers are becoming more sophisticated, targeting you in ways that seem very convincing. Help protect yourself by knowing what to look out for in keeping your super safe.
Scams continue to increase in Australia, with Australians losing $2.74 billion to scams in 2023¹. And it’s investment scams making up the largest part of this amount at $1.3 billion², with super as one of the targets.
A common investment scam is a self-managed super fund (SMSF) phishing scam². Scammers will call or email, posing as a financial adviser or representative of an SMSF. They promise high returns if you move super into their ‘fund’, requesting personal information that 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’s 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 to 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.
Get more tips to protect yourself from scams1 Targeting Scams - Report of the ACCC on scams activity 2023, Australian Competition and Consumer Commission, April 2024.
2 ACCC Scamwatch website – Investment scams, October 2023
Any general advice provided in this article is provided under the AFSL held by AustralianSuper, it doesn’t take into account your personal objectives, financial situation or needs. Before making a decision about AustralianSuper, you should think about your financial requirements 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.
Sponsored by AustralianSuper Pty Ltd, ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898
