ASIC has issued warnings about a new super scam, and we have to warn you – they’re getting smarter. Unlike traditional scams that come in the dead of night, these fraudsters are changing their tactics – and it’s working.
A Close Call: One Investor’s Story
Meet Rosie*, who recently fell victim to one of these scammers. “The call came in the middle of the morning, not your usual scam time,” she says. “The caller – Steve – claimed to be from a well-known investment company and was very confident about super.”
What made this scam so convincing was the professional approach. The scammer took Rosie through a legitimate-looking comparison website, showing her how her current super fund compares to others in the market. The website looked professional and had lots of detail, so Rosie’s guard was down.
The Red Flags
Luckily, Gerry*, her long-time financial adviser, picked up on the warning signs when Rosie rang him to transfer her funds. With over 20 years of managing Rosie’s retirement planning, he knew something wasn’t right.
After some digging, Gerry found:
- The investment company Steve claimed to work for didn’t actually employ him
- The super fund being promoted didn’t have a Unique Superannuation Identifier (USI)
- The comparison website was a fake
How These Scams Work
These scammers are using:
- Calling during business hours to seem more legitimate
- Offering incentives like gift cards, competition entries or mobile phones
- Professional-looking comparison websites to build trust
- Posing as representatives from well-known companies like Apple Inc. and Google LLC
- Targeting people who are looking for “safe” and “long-term” investments
Scammers use recognisable logos like the Apple logo and Google Play logo to make themselves seem more legitimate.
Protect Your Super
ASIC recommends you do this if you get a suspicious call:
- Hang up – don’t talk to the caller
- Contact your super fund and bank to block any potential withdrawals
- Register on the Do-not-call register to reduce unwanted calls
- Report it to Scamwatch
As Rosie found out, having a trusted adviser is your best protection against scams. “There’s a reason I’ve been with Gerry for years,” she says. “When something sounds too good to be true, it’s worth checking with someone you trust.”
Remember: legitimate financial advisers won’t cold call you with offers or ask for personal info. If you’re unsure about any offer related to your super, check with your adviser first – if it’s a real deal, they’ll know about it.
More Info
- Do not call register: donotcall.gov.au
- Scamwatch: scamwatch.gov.au
*not real names