Spotting scams to better protect your super

CareSuper

Each year, over half a million Australians fall victim to scams — that’s about one person every minute.^* So it’s important to know what to watch out for, and what to do if you think you’ve been targeted.

In this article, we’ll cover:

1. The latest scams to be aware of
2. Simple strategies to protect your super
3. Steps to take if you suspect you’ve been targeted.

Nobody wants their super drained or their identity sold on the dark web. At CareSuper, we have strict measures to protect you and your super. This includes multi-factor authentication and personalised URLs for our digital platforms and regulatory communications, plus strict protocols around handling payments and withdrawals.

But there are some things you can do too to help minimise your risk of falling prey to a scam.

The latest scams to watch out for^{^}

• Super scams — beware of unsolicited calls encouraging you to set up a self-managed super fund for early access to your super. It’s illegal and untrue, and scammers will disappear with your hard-earned super.
• Deepfakes and AI — fake videos, especially on social media, using artificial intelligence can trick you into investing in fake investment opportunities promoted by celebrities.
• Dodgy websites and emails — be cautious of unprofessional-looking websites and emails with poor spelling and grammar — often good indicators of a scam.
• Fake job ads — watch out for ads promising easy money, particularly those promoting ‘guaranteed income’ and unrealistic ‘side hustles’ or work-from-home opportunities.
• Concert and event ticket — if a friend contacts you offering tickets to an event, their account may have been hacked. You’re better off sticking with trusted ticketing retail sites.
• Loyalty points — beware of emails or texts promising extra loyalty points. And whatever you do, avoid clicking on any links in these messages.
• Fake banks — new technology is enabling scammers to call or send you a text message from what appears to be your bank’s legitimate phone number. Always ask for their details and call them back using their official phone number.

Stay informed on the latest tell-tale signs with Scamwatch.

Some extra things you can do

Here are a few simple things you can do to help protect your super.

• Stay updated. Regularly checking your super balance and recent transactions in means you’ll be more likely to notice if something doesn’t look right.
• Secure passwords. When creating a password, use a combination of letters, numbers and symbols. Don’t use your password for any other websites or apps or share it with anybody else.
• Make sure it’s really us. If you receive a call from CareSuper but aren’t sure it’s really us, ask for their details and let them know you’ll call them back on 1300 360 149 to confirm their identity.

If you think you’ve been scammed

• Contact your super fund. There are actions we can do to further secure your account and protect your super. If you’ve become a victim of a data breach, we can add further security measures including passwords, additional questions, PINs or benefit freezes. 
• Change your passwords.
• Contact your bank or any other relevant financial institution to report the scam.
• Contact IDCare. They can help you make a plan (for free) to limit the damage.
• Warn others. Let your friends and family know. You can also report the scam by calling or visiting your local police station.

We’re here to help

We comply with all legislative requirements including APRA Prudential Standards (Fraud Risk Management). We actively monitor for new fraudulent trends and have procedures in place to help us detect fraudulent activity. 

For more information about what we’re doing to protect our members’ personal information and super, read our Privacy Policy, call us on 1300 360 149 or get in touch online. To learn more about CareSuper visit our website.

This information is general advice only and does not take into account your particular financial needs, circumstances or objectives. You should consider your own investment objectives, financial situation and needs and read the appropriate Product Disclosure Statement and Target Market Determination before making an investment decision. You may also wish to consult a licensed financial adviser.     
CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725. 

^* Australian Competition and Consumer Commission. (2023). Targeting scams: report of the ACCC on scams activity 2022. ACCC. https://www.accc.gov.au/about-us/publications/serial-publications/targeting-scams-reports-on-scams-activity/targeting-scams-report-of-the-accc-on-scams-activity-2022

^{^} Venz, S., & McDonald, J. (2024). Finance Scams To Watch Out For In 2024. Forbes Advisor. Retrieved March 8, 2024, from https://www.forbes.com/advisor/au/personal-finance/finance-scams-to-watch-out-for/

Information correct as at 11 April 2024.