Scammers are Impersonating Superannuation Funds
On 30 April 2024, the Australian Securities and Investments Commission (ASIC) issued a warning to all consumers about an alarming increase in superannuation scams.
The Scam Tactics
These scammers are using cold-calling methods. They phone unsuspecting individuals, offering to assist them in switching their super funds to supposedly better options. Utilising high-pressure sales tactics, they often lure individuals through competitions or by enticing them to use comparison websites.
A common strategy involves the scammer calling you unexpectedly, offering a "free" review of your superannuation. During this review, they'll criticise your current fund and provide costly, generic advice that doesn't cater to your specific financial needs.
Never give an unsolicited caller information about yourself or access to your computer or device.
How to Protect Yourself
- Watch Out for Unsolicited Calls: Be cautious if someone offers a super review or suggests changing funds unexpectedly. REI Super and real super funds don't make these types of calls. Hang up.
- Protect Your Info: Don't give out personal or financial details over the phone to unknown callers. Scammers can use this information to commit identity theft or fraud.
- Act Fast on Suspicion: If you think a call is a scam, quickly change your passwords and inform your super fund
- Block and Report: Use your phone’s block feature and sign up for the "Do Not Call" registry to reduce unwanted calls.
- Verify Before Acting: Always confirm information by contacting your super fund directly through official channels.
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 us on 1300 13 44 33
- Report a scam: ACCC - Scamwatch
More information
To stay updated on the latest financial scams, visit MoneySmart's official website
Stay safe, and remember, when it comes to unsolicited financial advice, it's always better to just hang up.
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The information contained in this article does not constitute financial product advice. However, to the extent that the information may be considered to be general financial product advice, REI Super advises that 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 REI Super's Product Disclosure Statement and Target Market Determination before making any decisions. REI Superannuation Fund Pty Ltd ABN 68 056 044 770 AFSL 240569. RSE L 0000314 REI Super ABN 76 641 658 449 RSE R1000412 MySuper unique identifier 76641658449129. May 2024.