How the scammers operate
There are two common types of super scams:
A criminal tricks a fund member into transferring their super to them as a scam investment, either via establishing a self-managed super fund (SMSF) or – for retired members – transferring directly from their super account. The scammer then steals their money.
Early access scams, where a scammer induces a fund member to withdraw their super early illegally. The scammer may charge a high fee for this service or use the information-gathering process to steal the victim’s personal details and take their money.
There are also cases of fraud where a thief gets access to someone’s super account without their knowledge or involvement, for instance through a hacker stealing personal details from online databases.
Scamwatch advises, “Never give any information about your superannuation to someone who has contacted you. Don’t let them try to pressure you to make a decision immediately, take your time and consider who you might be dealing with.”
Report scams by contacting your super fund, visiting the website, or contacting the Australian Tax Office on 1800 467 033.
Advocacy group Super Consumers Australia is urging the Federal Government to introduce a superannuation industry anti-scam code.
The group said such a code would prioritise the safety of Australians’ 24 million retirement savings accounts, which are worth billions of dollars.
Super Consumers Australia says since 2022, up to 178,000 superannuation members across three super funds have been at a heightened risk of phishing scams due to known super fund data breaches.
A phishing scam involves a scammer sending fraudulent emails or text messages designed to steal a person’s personal or financial information.
