How do I keep my Super safe?

You’re working hard to build your superannuation savings for your retirement, and protecting your savings is important, so the last thing you’d want is to be the victim of a scam or fraud.

Here is some information to let you know what can happen out there, and how to help protect your super.

Super Scams and Fraud

Organised crime is a reality, and given the value of Australians super savings, you could be a potential target. Common types of fraud and scams that exist include:

1. ‘Phishing’ 

this type of scam may involve emails, phone calls or SMS messages to trick people into providing their personal and/or financial information. For example, they may pose as the ATO, a bank or super fund, asking you to provide secure information or ‘log-in’ to a fake website.

2. Illegal early release 

This type of scam involves a person or company promoting early access to your super (possibly through a self-managed superannuation fund), which is illegal (you can’t touch your super until you retire except in very limited circumstance). The promotors may then charge you a substantial fee and/or steal all your super money.

3. Identity theft 

By obtaining your super details, a thief could assume your identity and contact your super fund requesting that your super money be rolled into a fraudulent account.

Tips on Protecting Your Super

As well as being aware of the types of fraud and scams that exist, the following tips can help you keep your super safe:

• Ensure your postal mailbox is secure to avoid personal mail being stolen.
• Keep your personal documents and statements in a secure place. If you throw them away, you should tear them up or shred them first.
• Monitor your super account regularly. Get into the habit of logging into your online super account and checking to ensure there are no unusual transactions.
• Don’t give your personal or financial information to a person, company or website that you don’t know or trust.
• Be wary of any person or company offering to help you access your super before retirement age.
• Don’t open suspicious or unsolicited emails. Just ignore them or delete them.
• Don’t click on any links in, or open files attached to, suspicious emails.
• Keep your passwords secret.

Summary

For more tips on protecting your information, visit the Australian Taxation Office website.

For more information about keeping your super safe and reporting suspicious activity, visit our website.