Updated on 14 March 2024
4 minute read
For most of us, super is our most valuable asset after our home. This also makes it attractive to scammers. So, how do you protect yourself from scams? Start with our 7 key tips.
Worried about your account? If you have any security concerns, please contact us.
Anne: Hello and welcome to Super Insider, Australian Retirement Trust’s podcast series on investment markets, the economy, and making sure you can retire well with confidence. Today we're sitting here in Meanjin, otherwise known as Brisbane. It’s Turrbal and Yuggera country and I'd like to pay my respects to Elders past, present, and emerging.
My name is Anne Fuchs, I'm Executive General Manager of Advice, Guidance and Education here at Australian Retirement Trust. And with me today are some gurus on all things around financial crime and scammers.
So we're not really talking about investment markets in the economy today. Rebecca Mallet, who's our manager of Financial Crimes - Operations, welcome to Super Insider.
Rebecca: Thanks Anne, it's great to be here.
Anne: And Rod Greenaway, our Chief Technology Officer.
Rod: Thank you, Anne, lovely to be here.
Anne: Now before we kick off, I need to make sure I retain our brownie points on Super Insider with our Compliance department here at ART. So, before we begin, I just want to do our General Advice Warning.
Anne: I need to let everyone know what we're going to talk about today is general information only. Any advice doesn't take into account your personal situation. You should consider your circumstances and think about getting personal financial advice before acting on anything we discuss. You should also consider the relevant product disclosure statement and target market determination before deciding to acquire, or continue to hold, any financial product. You can find this information on our website or by calling us on 13 11 84 if you're a Super Savings account holder or 1300 360 750 if you have a QSuper account.
Anne: Okay, so where do we begin? Rod, I might start with you if that's okay. At a high level, can you define what is a scam for our listeners?
Rod: Yes, sure. Anne. Look, essentially, they are a fraudulent scheme, typically done online or over the internet, where scammers try to solicit information from members to effectively take their money essentially.
Anne: And so, Rebecca, your job, financial crime in a super fund, that sounds heavy, doesn't it? You know,
tell me about your role.
Rebecca: So, our role, there's multiple facets to our role. We're looking at the transactions that come into the fund. We're looking for money laundering, terrorism, financing, all of the stuff that we're expected to look after under our obligations and reporting obligations. And then what we're looking after is our members, we're making sure that they're secure, that their money’s secure and that their information is safe.
Anne: I guess it makes sense because superannuation is just such a significant, you know, pot of money, if I can describe it that way now at the $3 trillion mark, or thereabouts. So, I guess it makes sense that what Rod was describing in terms of a scam, actually it's happening in superannuation too, so what are you seeing?
Rebecca: I guess what we're seeing the most of is that our members are compromised outside of our superannuation environment. This could be compromises of their data being breached on other websites, other platforms, and their data is just been mined.
Anne: That's scary.
Rebecca: It can be, but what we're asking is for individuals to be vigilant, to understand where they're putting their data, what questions that they're answering and what are people going to do with it once they receive it. The themes that are coming through these days is this is happening - it's happening everywhere. It's not just something that's relevant to our superannuation environment. This is life these days. Data is the most important piece of information that we own. It protects us as individuals, it protects us financially and it protects, it protects you into the future. So, what we're just saying is that's where it starts. There's a compromise, your data is leaked, and then it just gets used and collected and then all of a sudden there's enough information and then they come looking for where's your money.
Anne: And so I guess things like having different passwords for those websites where you've got a lot of personal data would be a great place to start. And not using your first name, last name, and your date of birth for both of them would also be a good place or a good thing to not do.
Rebecca: Correct, just think about where are you reusing them, on what sites. How easy are those sites to get access to? But just think about this is the largest asset that you have outside of your family home. How are you going to protect it? What are the steps that you're going to put in place. And one of those is, yes, just not reusing passwords over and over again. Changing them up and making sure that they're not straightforward,
that they don't contain dates of birth or key pieces of information like children's names or pets’ names.
Anne: That's really good advice.
Rebecca: Yes, because that's what they look for. If they've gained access, or if your passwords have been compromised in the past, they'll just reuse them and, they're sold on the Net, so they'll just keep trying until they find a password.
Anne: Yes, so Rebecca, are there any stories - not to scare our listeners because we generally don't like to scare our listeners on Super Insider - but is there an interesting, short story about something you're seeing in superannuation around financial crime and scamming?
Rebecca: I think one of the emerging risks that we're starting to see is around transfers to self-managed super funds. The access of these scams is to get hold of the money. And if you think traditionally about superannuation, it used to be a long-term gain. You could only access it once you've met a condition of release, you'd reached your preservation age, or you'd retired. These days it's about how can you get hold of the money. What we've started to see in the industry is our members transferring funds to their self-managed super funds. So out of our traditional environments where it's generally kept a little bit more safe, it's secure, we've got investment strategies and we've got different controls in place to protect it.
We're seeing our members who are receiving cold calls, they're getting calls from financial institutions that they've never engaged with, that they haven't had anything to do with before, saying to them we can transfer your money, we can make you more money, we've got great investments, quick returns, you can invest in property, you can invest in crypto. So, they're transferring their money, and what traditionally we'd expect is that these firms, they’re quick setups, they're probably like burner institutions, they're filling out the forms for people. So, they're saying don't worry about filling in the paperwork, just sign it, just send it back.
Anne: That's really good advice. I know when I walk Larry, who I often speak about, my dog, on Super Insider and you see unit blocks and there's, you can see all of these post boxes full of personal mail and all of these personal details, and I always worry about someone could easily just go and grab it, so that's another good call out, Rod.
Look, I think it's been wonderful having you here on the show, and the reason why this is so important, albeit we haven't been talking about investing and the economy, but this does so much impact you as members, our listeners, retiring well with confidence. These are your precious retirement savings. Obviously, it's our job here at Australian Retirement Trust to keep it safe. But as you've heard from our experts here today, it's also your role as well to really play a part in keeping your personal data safe. Rebecca, Rod, it's been marvellous having you on Super Insider. Have you enjoyed it?
It's when someone uses your personal information to steal your money or get other benefits. Identity theft is also known as identity fraud.
An example is someone trying to access your super account to take out your super or change your details so they can access it later.
So, can someone steal your super?
Keeping your account safe is our priority and we have strong cyber security in place to prevent this. But if someone has access to your account, it's possible.
That's why it's important to learn how you can help protect your accounts, too.
Scammers can target you online, by phone, letter, social media or email.
Be cautious of calls about your superannuation that you're not expecting. This is especially true if the call is from someone:
Also, be wary of callers who pressure you to give them information immediately. Especially if they want sensitive information like your member number, tax file number (TFN), or financial details.
If you get a call from us, our team will always clearly identify themselves and explain why they’re calling. For example, they may tell you that they’re calling about a form you recently filled out.
They’ll usually ask for identification information so they can discuss your account with you.
If you’re in any way suspicious that the caller isn’t one of our team, hang up and call us on 13 11 84, or message us on live chat.
We can immediately act to secure your account if we think a scammer's called you.
Always check anything that you get in writing.
Signs of a fraud attempt include:
Spelling or grammar errors
An email address that seems incorrect
Asking you to act urgently by clicking a link.
As always, if in doubt, contact us.
Scammers will sometimes claim they can help people access their super before they're usually allowed to. It's a particularly tempting offer if you're in financial stress.
Check with our team if you're contacted about early access to super.
We're serious about keeping your superannuation safe and have security in place to protect your accounts. You can also do some easy things to help prevent identity theft.
Use our identity confirmation tool in Member Online. It helps verify your details and makes your account more secure.
Passwords should be hard to guess. A strong password usually includes a mix of upper and lowercase letters, numbers, and symbols. It also should be at least 8 characters long.
Don’t reuse the same password for anything else.
Think about using a password management tool from a company with a good reputation. It'll help you create and store your passwords securely.
Regularly log into Member Online or our app to check your balance and transaction history. If you notice any unexpected changes to your account, or we notify you of a change to your details that you didn’t authorise, let us know.
Are your contact details such as postal address, email, and phone number up to date? If your name is incorrect on your account, be sure to update it as soon as possible.
Make sure you log out after you’re done and keep your username and password safe.
If possible, keep your letterbox locked.
Keep your annual statements and other personal documents in a secure location.
Destroy or shred any letters or statements that contain your personal information before you throw them out.
Be cautious about what information you share online. This includes sharing personal details when signing up for newsletters, competitions or on your own social media.
Let us know if:
Take steps to protect your phone and email accounts.
For example, secure your phone by enabling a password, PIN, or fingerprint scan to unlock it. Only have your own fingerprint/face recognition on your mobile phone.
Also, enable multi-factor authentication on your email account.
Sometimes we need to phone our members. When we do, we’ll never ask you for your passwords.
So, if you get a suspicious call from someone claiming to work for us, contact us first to confirm the call was legitimate before giving out any information.
If you think your account may have been compromised for any reason, follow these steps:
immediately to let us know.
to lock your scammer out.
to report the scam and get support.
Keeping your super account safe is our priority. That includes protecting you against identity fraud.
Here’s what you can expect from us:
Importantly, we’ll never contact you to ask you for the login details for your super account. Never share your super account or myGov login details with anyone who contacts you.
By working together, we can reduce the likelihood of fraud and help protect your super from scammers. If you notice anything suspicious, let us know.
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