Scam alert: fraudulent investment opportunities

29 September 2021

This year, the Australian Government has highlighted the threats posed by scammers who are targeting people to establish self-managed superannuation funds (SMSF).

This is fraudulent activity. Scammers have set up fake companies and are attempting to transfer super balances into their own bank accounts.

We urge our members to be vigilant about online, phone and email scams. Be wary of anyone claiming to be from a bank, superannuation fund or financial services provider.

How to protect yourself

The Government has published useful guidance on some of its websites to help you protect yourself from scams.

Here are four useful tips from the Money Smart website about superannuation scams:

• Know the rules about when you can access your super.
• Log into your account regularly to check your balance and contact details.
• Take steps to stop identity theft.
• Don't deal with anyone who is not licensed.

The Money Smart website also has a useful information about investment scams.

You can also read our article on how to protect yourself from scams.

Other useful information

The Australian Securities and Investment Commission (ASIC) website has provided specific information about scam self-managed super funds.

The Scam Watch website covers a broad range of scam alerts, which includes information about superannuation scams.

We’re here to help

Protecting our members' superannuation is our highest priority.

If you have been impacted by a scam or are concerned about anything, please contact us at 1800 444 396.