Super tends to be your second largest asset after your home, and like your home, it needs protecting.
It’s a misconception that older people are more commonly affected by scams or that it is strangers who will try to scam you. We know this is not true. Anyone in any age group can become a victim to a superannuation scam and that you may be scammed by someone closer to home, like a relative or even a friend.
If you find yourself with questions, or concerns after reading this article, contact our member services team to help you.
How to spot a scam?
Scammers can target you online, phone, SMS or by email. The majority of super scams from strangers tend to start with a call claiming to be from a financial or super service, and they may give you a variety of excuses to request information from you. Here are things to look out for:
- Offering to enable you to access your super savings early, before your preservation age.
- Offering to check if you are eligible for various benefits.
- Offer to invest your super into property.
- Offer to help you take ‘control’ of your super.
Be wary of callers who claim to be a financial adviser, a superannuation service or a government authority asking you about your super. If it doesn’t look or sound right, it probably isn’t.
Phishing scams
Scammers are after your personal information or account details. They will attempt to steal your identity so that they can fraudulently access your super fund and transfer your super into an account they can access, usually a fake self-managed super fund (SMSF.)
People can also steal your identity from your mailbox. At times superannuation funds send physical correspondence through the mail which may contain details such as member number and other personal details.
Scammers may also send you mail posing as your super fund. If it looks suspicious, call your fund directly to check.
How to protect your super from scams?
There are plenty of ways to protect your super from scammers.
Login into your super account:
- Ensure that your all your personal and contact details are up to date, so that we’re not sending information about your super to the wrong home or email address.
- Regularly check your superannuation transaction history for suspicious or fraudulent activity.
- Consider changing your communication preferences to receive correspondence by email rather than post.
- When reviewing your communication preferences consider receiving your annual superannuation statement by email. Not only will this help protect you from scams, but also help the environment.
Other things to protect yourself
- Never give any information about your superannuation or personal information to someone you don’t trust, even if they are a relative, friend or claim to be from your super fund or bank.
- If the caller claims to be from your super fund or bank, hang up and check directly with the relevant organization to verify their identity.
- Avoid using public computers and WiFi to access your REI Super account online.
- Remember to logout of your REI Super online account once you have finished.
- Make sure your computer has antivirus software installed, that it’s working and up to date.
- Check the URL of websites. They should always start with https://. The ‘s’ stands for secure and there should be a padlock symbol in the browser’s address bar.
- Don’t click on links or attachments in emails you weren’t expecting or that look suspicious.
- Secure your letterbox
- Be careful how you dispose of old documents that contain personal or sensitive information.
Read our privacy policy to find out how we protect your personal information.
What to do if you think you have been scammed
If you think your super is at risk of a scam, act quickly.
- If you are a REI Super member call 1300 13 44 33
- Report a scam: ACCC - Scamwatch
- ATO – 13 10 20
Further reading on scams
For more details on super scams and some examples of what they look like, visit these websites:
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In presenting this information REI Super has not considered any individual person’s objectives, financial situation or particular needs. Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read the Product Disclosure Statement for REI Super before making any decisions and consider talking to a financial adviser before making an investment decision.
This information has been prepared and published by REI Superannuation Fund Pty Ltd ABN 68 056 044 770 RSE L0000314 AFSL 240569. REI Super ABN 76 641 658 449 and RSE R1000412 MySuper unique identifier 76641658449129 for the general information of members of REI Super. April 2021.