Protect yourself from superannuation scams

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.

What is identity theft?

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.

How to spot superannuation scams

Scammers can target you online, by phone, letter, social media or email.

Phone calls

Be cautious of calls about your superannuation that you're not expecting. This is especially true if the call is from someone:

claiming to be a government authority, like the Australian Taxation Office (ATO)
trying to convince you to change to a self-managed super fund (SMSF) or another fund with promises of high returns.

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.

What to expect from us

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.

What if I think it's a scammer?

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.

Email, text, social media, or letter

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.

Early release scams

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.

Common super scam tricks

Claim that you’re about to be locked out of your account.
Say they're from a government agency such as the ATO, myGov, or Services Australia.
Try to scare or pressure you into giving them personal or sensitive information.
Claim that you may be eligible for a government payment.
Offer easy access to your super earlier than you'd normally be able to get it.

7 ways to protect yourself from superannuation fraud

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.

Confirm your identity

Use our identity confirmation tool in Member Online. It helps verify your details and makes your account more secure.

Use a strong password

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.

Check your account

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.

Secure your paperwork

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.

Don't overshare

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:

any of your personal documents like your passport or driver’s licence are lost or stolen
your phone is stolen
your computer/email account has been compromised.

Protect your devices

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.

Check before giving details

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.

What to do if you're scammed

If you think your account may have been compromised for any reason, follow these steps:

Contact us

immediately to let us know.

Change your password

to lock your scammer out.

Contact your local police

to report the scam and get support.

How we're protecting your super

Keeping your super account safe is our priority. That includes protecting you against identity fraud.

Here’s what you can expect from us:

If you call us, we’ll ask you some questions so that we can make sure it’s you.
We’ll call you if we’re suspicious about activity on your account. This could be a benefit payment or transfer request.
When we write to you, we won’t include personal information that's not needed. Like your date of birth.
We monitor benefit payment and transfer requests to detect any that may be fraudulent. And we train our team to spot potential fraud.
We have security measures to reduce the risk of unauthorised access to confidential data and documents.
We have strict proof of identity measures.

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.