We’re committed to keeping your retirement savings secure, but scammers and fraudsters are always looking for ways to steal personal and financial information – especially during the holiday season, when there’s increased online traffic and people are more likely to feel the pinch. By staying alert and knowing the signs of a potential scam, you can help protect your account.
Scammers often rely on confusion, hesitation and a sense of urgency. If you receive a suspicious call, email or message about your Vision Super account, stop and contact us directly on 1300 300 820 to verify whether the communication was from us.
Hang up the phone if you need to, and do not click on any links or open any attachments within the message – scammers may use fake emails and text messages to trick you into clicking malicious links to gain access to your computer and steal your personal information.
Common super scams
For most people, super will grow into one of their largest financial assets – which is what makes it a target for scammers. There are a few ways a scammer may try to get to your super:
- Phishing for your personal or account details:
Once you provide them with your details, a scammer may be able to create a super account in your name with another fund, then transfer funds to this account and try to withdraw it. They may pretend to be from Vision Super or the ATO, copying legitimate details to give you the impression they are genuine. They can also use stolen myGov sign in details to gain access to your personal details and superannuation accounts. - Encouraging you to open a self-managed super fund (SMSF):
A scammer may offer to help you manage, grow or give you control of your super by establishing a fraudulent SMSF and transferring your super into it. They may encourage you to invest in unusual or high-risk investments and promise very high returns, often with little or no risk. If they can convince you to transfer your super into a fraudulent SMSF or bank account that they control, they could then withdraw your super. - Offering a way to access your super savings early:
To access your super, you must satisfy a condition of release, such as permanently retiring from the workforce at age 60, reaching age 65 or other limited circumstances. A scammer may tell you they can get you early access to your super and that you can use the money to pay for personal expenses such as credit card debt, buying a car or going on holiday – this is likely illegal, and you could end up paying additional tax and penalties, not to mention losing your retirement savings to the scammer.
Report any potential scams to Vision Super immediately. You may also wish to submit a scam report to scamwatch.gov.au or the Australian Cyber Security Centre.
How to protect yourself
There are several steps you can take to help safeguard your super and reduce your risk of being scammed:
- A weak password is like leaving your front door open for fraudsters. Always use a strong, unique password or even better a pass phrase for all your online accounts and never share it with anyone.
- Enable multi-factor authentication (MFA) where possible for extra security. A password manager can also help keep your credentials safe and can generate and store very complex passwords.
- Check your super balance regularly and look for any unusual activity such as transfer requests or changes in personal details. If something doesn’t look right, contact us straight away.
- Be wary of unexpected contact – always confirm who you are dealing with. If you suspect a scam, hang up the phone or do not respond to the email, or delete and block them if it’s through social media. We will never ask for your login details or password via email or SMS, nor will we ask you to log directly into your online account from a link in an email or SMS.
A scammer is unlikely to have an Australian Financial Services (AFS) licence – they may say they don’t need one or use someone else’s details. You can check if someone has a valid licence on ASIC’s financial advisers register.
Remember, if you have any questions about your super account, we’re here to help – contact our Member Services team on 1300 300 820 between 8.30am and 5pm, Monday to Friday, or email us anytime on [email protected].