What are superannuation scams?
· Superannuation scammers are someone who offers to do the super withdrawals or early access to the money and transfers all to their self-managed super fund (SMSF)
· Let’s learn ways to figure out a superannuation scam, and where to report it.
1) Ways to spot the superannuation scammer.
Signs to notice that you can be targeted as the prey:
· Advertisements promoting
early access to super
· Offers to “take over” all of your super
· Offer to make the investment of your super to property or stock
· Offers the quickest and easiest ways to get access to your super
Phishing scams for your super
Please highly be alert for any emails or calls requesting your personal details and account details. They may act to become any super fund or government organization or banks to steal your super account. Afterward, they will get access and transfer your super into any fake account like SMSF.
2) Report a super scam
If you believe you might be targeted by someone who is trying to access your superannuation, please make a report to:
· ASIC — online complaint form
· ATO — 13 10 20
Or have a talk to a financial counsellor if those scammers consequently lead you to debt problems. They can support you to recover back your finances.
Please find the contact if you need someone to talk to:
Lifeline — 13 11 14 or the online Crisis Support Chat
Beyond Blue — 1300 22 4636 or the Beyond Blue website
3) Prepare yourself with super scams
Here are some simple tips you can do to prevent yourself from super scams
Be familiar with the regulation of the super
Knowing when you can be permitted to get your super like “reach preservation age” or “under any special circumstances” can keep you away from those identity thefts.
Please kindly find “getting your super” for your information.
Check your balance and contact for more details
Frequently log into and check your super account on your super fund’s website. If there is something suspicious, contact your super fund immediately and make them explain in detail.
Ensure your contact details like mobile number, email and address are correct on the super fund website. This will enable the agent to inform you if there are any suspicious activities on your account.
Act on to prevent identity theft
Please find these simple steps to make prevention someone from trying to steal your personal identity:
· Shredding your documents
· Watching out the scammers on social media
· Use the strong passcodes
· Monitor your bank transactions regularly
· Use a public computer with cautions
Please see “identity theft” for more information.
Do not believe or deal with anyone who is not licensed
To set up or manage the super fund, you are required to have an Australian Financial Services License (AFSL), which a scammer usually does not have. Choose “AFS Licensee” on ASIC's website in drop-down menu when you search. Otherwise, APRA's Disqualification Register to check if someone has been disqualified.