Protecting yourself from Superannuation Scams

With the start of financial year and everyone rushing in to get their taxes sorted, it is important that you remain vigilant as scammers may target you to access your retirement funds due to the large amount that your super may have.

There are different ways that a scammer can try to get a hand on your super:

Offering to set up a Self-Managed Super Fund

Scammers may try to entice you with promises of control and high returns by helping you establish a Self-Managed Super Fund (SMSF) and transferring your superannuation into it. Be cautious if someone:

1. Offers to grow your super through high-return investments, which are often fake
2. Provides a fraudulent investment performance app or computer program that displays false returns
3. Promises to handle everything for you, advising against engaging with any third parties
4. Proposes investing your super in unconventional assets such as cryptocurrencies or foreign currency bonds
5. Asks for your personal information to be send through without you meeting them beforehand such as any of your personal identification like a passport.

Not providing a valid Financial Services license

Scammers would not have a valid financial services license and they may pretend to use names that are similar to their alias name. Contact the company that is attached to the license number that someone has given you to double check that you are discussing your finances with a legitimate provider.

1. Check Licenses on ASIC's Website: Visit ASIC's website and select 'Australian Financial Services Licensee' from the drop-down menu. Pay attention to subtle differences in names and addresses.
2. If in doubt, call the listed company to confirm. Use APRA's Disqualification Register: Verify if someone has been disqualified by checking APRA's Disqualification Register.