Scams have come to super – how to safeguard your nest egg
Data breaches and scams targeting super accounts are becoming more common, and we must all take steps to safeguard our precious retirement savings.
Cat Burke, a Member Facing Fraud Specialist with Australian Super, says we need to treat online data breaches as if they were a break-in at our home because they make us more likely to be the victim of a scam.
A data breach happens when personal information is accessed, disclosed without authorisation, or is lost. For example, when:
a USB or mobile phone that holds an individual’s personal information is stolen
a database containing personal information is hacked
someone’s personal information is sent to the wrong person.
There are currently four main scams targeting super accounts: those that create fake ‘staging’ accounts; unauthorised rollovers of member funds; member impersonation; and illegal early releases perpetrated by the account holders themselves.
In many cases, fake member ‘staging’ accounts are set up using identifying information found online, then funds are rolled over into fake accounts. Often members don’t even know that their identity has been stolen, so aren’t aware there is any threat to their super account until it’s too late.
The ACTU is warning workers to be wary of “unsolicited calls encouraging you to set up a self-managed super fund for early access to your super”.
“It’s illegal and untrue, and scammers will disappear with your hard-earned super.”
Cat urges every person with a super account to treat it as if was your house or car and “lock it up”.
Protect your sensitive personal information online, but, most importantly, engage with your super account regularly. Know your balance and keep your details up to date.
Beware of unfamiliar looking emails – don’t click on any links in anything that feels “not quite right”. Check everything twice before reacting to it, and check the address and wording. Often there is a dead giveaway that the message isn’t from the people it says it’s from.
Don’t do anything you are asked to by an unsolicited call or text – if you are in any doubt, call your super fund, using the number on their official website.
Protect your devices by avoiding dodgy WI-FI – in one recent scam, a criminal sat outside a library faking the address of that institution. When library users tried to log in, they were offering access to their devices to the scammer.
Most super funds now have dedicated financial crimes teams working to keep us safe and collaborating with each other to safeguard their clients and react to personal data breaches. Scams are difficult to detect and increasingly sophisticated, but such agencies are fighting back, offering new forms of authentication – PINs, face IDs, notifications. Notifying them as soon as you suspect a breach is vital.
Like this image, a lot of scams can appear to be the real thing at first glance. Always look again …
If you are scammed:
1. Call your financial institution as soon as possible. If you’ve become a victim of a data breach, they can add further security measures including passwords, additional questions, PINs or benefit freezes.
2. Report the breach to the police
3. Change all your passwords for your online accounts.
4. Contact IDCare: They can help you make a plan (for free) to limit the damage. www.idcare.org
5. Contact the Australian Taxation Office: 13 10 20
6. Contact Scamwatch: www.scamwatch.gov.au
To help protect your super (Moneysmart, Australian Super, Care Super):
Stay updated: Check your balance and contact details. Check your super balance regularly by logging into your account through your super fund’s website. Look for any unusual transactions such as transfer requests or changes in personal details. If something doesn’t look right, contact your super fund and ask them to check.
Be secure. When creating a password, use a combination of letters, numbers and symbols. Don’t use your password for any other websites or apps or share it with anybody else. Make sure your super fund has an up-to-date mobile number, email and postal address for you. This will help them contact you if there’s any suspicious activity on your account.
Make sure it’s really your super fund calling. If you receive a call but aren’t sure it’s really your super fund, ask for their details and let them know you’ll call them back to confirm their identity. Then call back using the official phone number on your super fund’s website.
Know the rules about your super. Scammers may try to convince you that they can help access your super early. There are very limited circumstances where you can get your super early.
Speak to someone you trust. If you’re not sure about something, talk to a person you trust before you go ahead. This could be a family member, your accountant or financial adviser, or your super fund.
Don’t deal with anyone who is not licensed. You can check if someone is licensed on ASIC’s website. Choose ‘Australian Financial Services Licensee’ in the drop-down menu when you search. Look carefully for subtle name and address differences. If you’re unsure, call the listed company to check.
Scamwatch says:
1. STOP Don’t give money or personal details or click on any links if you’re unsure. Say no, hang up, delete.
2. CHECK Scammers pretend to be from organisations you know and trust – like MyGov, your bank, the police or government. If you’re not sure, call the official phone number of the organisation to check.
3. REPORT The more we talk, the less power they have. Report scams when you see them.
LINKS:
Australian government Scamwatch
Changes to super to know about
Every worker needs to stay informed about how super operates.
Unpaid or late super
By failing to make timely superannuation payments, employers are robbing workers of the compounding benefits that grow super balances over time. For workers, this means a less secure financial future. Superannuation is a legal necessity; it is simply illegal for your employer not to pay it to you on time. Yet, this is occurring, too often. There are schools where staff are being paid super up to nine months late. A new criminal offence for intentional underpayments by employers will be added to the Fair Work Act after 1 January 2025. The Fair Work Ombudsman will investigate suspected criminal underpayment offences once the changes take effect.
This is the law: ‘Under the super guarantee, employers have to pay super contributions of 11.5% of an employee’s ordinary time earnings when an employee is:
over 18 years, or under 18 years and works
over 30 hours a week.
Super has to be paid at least every 3 months and into the employee’s nominated account.’
It doesn’t get much simpler than that: contact your Organiser if your employer fails to pay your super correctly and on time.
Consolidate your super
Putting all your super in one place can make a huge difference in the long term. If you have more than one super account, you are probably paying more than one set of fees. This can be a particular issue for those who have worked a variety of jobs without realising that their super is going into multiple accounts. The Australian Tax Office website has useful tools to help you find and consolidate any lost super accounts.
Changes to super in 2026
From 1 July 2026, employers will be required to pay their employees’ super guarantee (SG) at the same time as their salary and wages.
From 1 July 2025 the government will pay superannuation on government funded Parental Leave Pay. The lump sum superannuation contribution, including an interest component, will be paid following the end of each financial year in which government funded Parental Leave Pay was paid. The ATO will make the first payments from July 2026.
From 1 July 2025, employers must pay superannuation of 12%.