As we move further into 2024, protecting your superannuation from scams is more crucial than ever. Scammers are becoming increasingly sophisticated, utilising various platforms—including social media, emails, and phone calls—to target unsuspecting individuals.
Understanding the scenarios and red flags associated with these scams can help you safeguard your retirement savings effectively. Nojan Rahimi from Blutin Finance tells us key superannuation scams to watch out for, complete with scenarios that highlight how these scams typically unfold.
Early Release Scams
Scenario: You receive an email from what appears to be a reputable financial advisor offering a service that can unlock your super funds early. For a small fee and some personal details, they promise to give you access to your money well before retirement.
Red Flags: Requests for upfront payment, promises of accessing super early without legitimate grounds, and unsolicited offers.
Phishing Attacks
Scenario: Via Facebook, you see an ad from an entity claiming to be a new super fund offering exceptional returns. Clicking the ad takes you to a website where you’re prompted to enter your current super account details to see how much faster your savings could grow with them.
Red Flags: Unsolicited requests for personal information, messages that instil a sense of urgency, and suspicious URLs or email addresses that don’t match the alleged super fund’s official contact information.
High-return Investment Scams
Scenario: On LinkedIn, a connection you don’t know well s
