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Scammers going after super in COVID-19 crisis

Maja Garaca Djurdjevic
Maja Garaca Djurdjevic
06 April 2020 1 minute readShare

Scammers are trying to dub individuals financially rocked by the coronavirus by offering to help them access their super early, with 87 reports of these scams reported to Scamwatch in recent weeks.

Scammers are trying to exploit Aussies financially impacted by COVID-19 with new superannuation scams, the ACCC warned in a statement on Monday.

“Scammers are cold-calling people claiming to be from organisations that can help you get early access to your super,” ACCC deputy chair Delia Rickard said.

“For most people, outside of their home, superannuation is their greatest asset and you can’t be too careful about protecting it.”

Mr Rickard confirmed that the Australian Taxation Office is co-ordinating the early release of super through myGov and that there is no need to involve a third party or pay a fee to get access under this scheme.

“Never follow a hyperlink to reach the myGov website. Instead, you should always type the full name of the website into your browser yourself,” Ms Rickard said.

Since the government’s announcement in March, there have been 87 reports of these scams, but no reported losses.

In most cases, the scammers are seeking to obtain personal information, including information that will help them fraudulently access the victim’s superannuation funds.

“While older people are more commonly affected by superannuation scams, the new early-access scheme means a range of age groups are now experiencing these scams,” Ms Rickard said.

“We also have reports of scammers offering to check if a person’s super account is eligible for various benefits or claiming the new scheme will lock people out of their accounts.”

In 2019, Australians lost over $6 million to superannuation scams, with people aged 45 to 54 losing the most amount of money.

“Never give any information about your superannuation to someone who has contacted you. Don’t let them try to pressure you to make a decision immediately; take your time and consider who you might be dealing with,” Mr Rickard said.

“Be wary of callers who claim to be from a government authority asking about your super. Hang up and call the organisation directly by doing an independent search for their contact details.”

She advised individuals that may have provided information about their superannuation to a scammer to immediately contact their superannuation institution. Those that have provided personal or banking details should also contact their financial institution.

Scammers going after super in COVID-19 crisis
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Maja Garaca Djurdjevic
Maja Garaca Djurdjevic

Maja Garaca Djurdjevic is the editor of My Business. 

Maja has a decade-long career in journalism across finance, business and politics. Now a well-versed reporter in the SME and accounting arena, prior to joining Momentum Media, Maja reported for several established news outlets in Southeast Europe, scrutinising key processes in post-conflict societies and enabling citizens to influence decision-making.

You can email Maja on [email protected] 

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