The market for super funds is extremely competitive. Scammers take advantage of this by promising unrealistic benefits to acquire personal or account details. They are able to use this information to steal your identity or transfer your super to an account they can access.
Scammers can approach you in various ways. You could receive a phone call, email, or be contacted online.
This is what you should be wary of:
- Advertisements promoting early access to super
- Offers to ‘take control’ of your super
- Offers to invest your super in property
- Offers quick and easy ways to access or ‘unlock’ super
The best way to spot a scam is to know what the rules about your super fund are. Knowing when you can legally access your super will protect you from false promises. Additionally, the ASIC website lets you check if someone is licensed, if they are not licensed, more likely than not, they should not be trusted.
If you believe that you’re being targeted by a scam, then rather than simply ignoring approaches and not engaging, you should report the scam. You can do this by calling the ATO or completing the online complaint form on the ASIC website.