The Government announced that there would be an early release of superannuation for eligible individuals, in response to COVID-19. Those who were entitled could access $10,000 in the 2020 financial year and $10,000 by the end of the 2021 financial year, so long as they were drawn by 30th September 2021.
Following the early release of these funds, the Australian Competition and Consumer Commission (ACCC) has reported that scammers are using a range of phishing scams to get their hands on super funds.
How can I get scammed?
Criminals are employing a variety of techniques through telephone, email and text messages, impersonating well-known businesses like Woolworths and Coles, plus government agencies including myGov, Services Australia, the Department of Health and the Australian Tax Office.
Telephone
People are getting cold calls from organisations claiming to help you get early access to your super. Some of the reasoning used includes:
- Helping assist with access to the money in your super
- Certify that you’re not locked out of your super account under new rules
- Check if your super account is eligible for benefits and further deals
Email and text messages
By impersonating Coles and Woolworths, criminals use fake vouchers as bait to phish for personal information. Once you’ve clicked on a link and provided your personal details, criminals can impersonate you and access your super.
How can I protect myself?
The ACCC recommends you check your myGov account or contact the myGov helpdesk on 132 307 to make sure there have been no unexpected applications for financial relief that you’re not aware of. There are a number of other recommendations, to keep yourself safe:
- Never give information about your superannuation to someone who has contacted you, even when you think it is a trusted organisation.
- The ATO is coordinating the early release of super funds through myGov. There is no need to involve a third party or pay a fee to get access under this scheme.
- Never follow a hyperlink to reach the myGov website. Always type the full name of the website into your browser.
- If you’ve given personal, super or banking information to a scammer, contact your financial institution and super fund straight away.
The ways that fraudsters scam customers out of their money is continuously evolving. Summerland recommends you sign up to the ACCC’s Stay Smart Online free Alert Service, to keep up-to-date with online threats and how they can be managed.
