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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Thursday, 04 June 2020

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Qld raises alarm on COVID-19 fraud

By Grace Ormsby · May 22 2020

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Qld raises alarm on COVID-19 fraud

By Grace Ormsby
May 22 2020

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Qld raises alarm on COVID-19 fraud

By Grace Ormsby · May 22 2020

Reading:

The rise in scam activity as a result of the COVID-19 pandemic has prompted Queensland’s Office of Fair Trading to issue its own warning to consumers.

Executive director Brian Bauer has highlighted the marked increase in the number of scams being perpetrated on consumers.

He said scammers are taking advantage of the coronavirus outbreak “to exploit and play on people’s fears, vulnerability and generosity”.

“Some of the scams associated with COVID-19 that have been identified include fake online stores, fake phone calls by scammers pretending to be from trusted organisations or government agencies, phishing scams via email or text, and superannuation scams.”

“Everyone needs to be hypervigilant about who they are dealing with, whether that be online, in person, or on the phone,” Mr Bauer warned.

He’s advising consumers to never disclose bank details, financial information or other personal details: “If you are in any way concerned about a phone call, email, social media post or text message, it is best not to respond and do not click on any links. If someone comes to your door uninvited, close the door firmly and walk away.”

“Door-to-door scams include those offering cheap services such as bitumen laying, roof painting and repairs, or tree lopping and removal services.

Consumers who make purchases online also must be aware of fake online stores and social media accounts that claim to sell medical or health products, while another scam type sees unsuspecting people receive phone calls “where the scammer claims to be a relative who needs money for medical treatment”.

The new warning comes just days after the Australian Competition and Consumer Commission raised the alarm on a rise in puppy scams.

As the COVID-19 crisis continues, nestegg recommends taking a look at five of the most common scams consumers should be careful of.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.