Tips to Avoid Superannuation Scams

Everyone seems to stress about money and having enough for retirement. The last thing we want to worry about is losing money due to a scam. It is unfortunate that there are people out there who are working hard to get at our money. Often they target those who are in debt, the unemployed, or non-English speaking people, but in reality; we are all vulnerable.

2 Categories of Super Scams

1. Withdraw Super

The scammer offers to withdraw your super or move it to a super fund that will give you more flexibility to pay off debts or spend however you want.

2. Identity Theft

The scammer steals your identity. By getting your vital information, they use it to transfer your money to a super fund that they can access.

Red Flags to Look Out For

Transfers

Be wary of anyone with any offer to take control of or transfer your money and any offer that just seems too good to be true.

Advertisements

Watch out for advertisements that offer a quick and easy way to get access to your super. For instance, withdrawing money before the age of 55 is illegal except in very limited circumstances. A scammer will tell you there is a way to work around this.

Cold Calls

Some people have also complained about getting cold calls offering to withdraw their money into a super fund account or some other type of investment. These callers may also be phishing for very important personal information so as to steal your identity, so beware. Never give your name, address, bank information, etc. in these types of situations. No legitimate bank or business will call you asking for this information.

Summary

Scammers are masters at stealing what is yours. That is why we all need to be vigilant. Don’t lose your hard-earned money to these unscrupulous people. Be sure to contact us with any concerns or questions regarding your super.