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‘Rising threat’: Super scams are escalating

  • August 13 2020
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‘Rising threat’: Super scams are escalating

By Grace Ormsby
August 13 2020

Extra precautions should be taken in the fight against cyber crime, as the corporate regulator revealed a number of issues associated with access to superannuation coming to light during the current pandemic.

‘Rising threat’: Super scams are escalating

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  • August 13 2020
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Super scams are escalating
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The warning, from the Association of Super Funds of Australia (ASFA), follows a revelation from the Australian Securities and Investments Commission (ASIC) that fraud has been linked to the Federal Government’s early release of superannuation scheme.

Weighing in on the issue, ASFA CEO Dr Martin Fahy said “ASIC has outlined the rising threat and identified the growing cases of cybercrime, fraud and identity theft specifically targeting super funds and their members in relation to the COVID-19 early release super scheme.”

He said it’s critical that Australians protect their superannuation account details and has recommended regularly checking the account balance, “just as you would with an everyday bank account”.

“It’s the best way to be alert to suspicious activity,” Dr Fahy stated.

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ASFA also warned individuals about other issues recently raised by ASIC – there are reportedly still breaches of the law by real estate agents encouraging tenants to access early release of super to meet rental payments.

Elsewhere, it’s alleged that credit providers are advising borrowers to access the retirement savings early so as to meet loan repayments.

Dr Fahy is encouraging authorities “to prosecute these breaches to the full extent of the law and send a message to those preying on vulnerable members of the community”.

Here are five ways to protect yourself against online scammers

‘Rising threat’: Super scams are escalating
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About the author

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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.

About the author

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.

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