Superannuation and investment scams are on the rise.

The ABC’s 7.30 program this week reported a scam in which scammers purported to be advisers under the AMP licence, and cloned the Class Super app to deceive their victims to deposit money into a fraudulent Australian bank account.

Scammers are becoming increasingly sophisticated, and it can be difficult to spot a scam; however, there are steps we can all take to protect ourselves from super and investment scammers.

Take a moment to read the following suggestions for ensuring your super and investment scam radar remains on high alert.

  • Never give information about your super or investments to someone who has contacted you, even when you think it is a trusted organisation. Just hang up and verify their identity by calling the relevant organisation directly.
  • Never provide your account login details to a third party.
  • Never click on hyperlinks in text/social media messages or emails, even if they appear to come from a trusted source. Financial institutions will never send you an email asking for your password, or with a direct link to a login page to access your account.
  • Always be suspicious of investment opportunities that promise a high return with little or no risk—if it sounds too good to be true, then it probably is.
  • Check if a financial adviser is registered via the ASIC website. Any person or business offering advice about financial products must hold an Australian Financial Services Licence from ASIC. Click here to check the financial adviser register.
  • The government-run MoneySmart website maintains a list of companies you should not deal with. Currently, there is over 1,200 companies on this list. If the company that called you is on the list, do not deal with them. You can find the list here.
  • Be especially vigilant when downloading any app which relates to financial services. App stores are not scam-proof. The eSafety Commissioner website includes suggestions for minimising the risks when using apps. You can read more here.
  • Never let anyone pressure you into making decisions about your money or investments and never commit to any investment at a seminar. Always get independent legal or financial advice first.

With so many issues around scams and cyber security being highlighted at the moment, you might understandably be feeling anxious and exposed to risk. Remember that you can take steps to protect yourself.

Be alert, not alarmed.

General disclaimer

This content is intended only to provide a summary and general overview of the subject matter covered. It is not intended to be comprehensive nor does it constitute advice. We attempt to ensure that the content is accurate and current but we do not warrant the content nor its currency. You should seek professional advice before acting or relying on any of the content.

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