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The Australian Government has warned people to be vigilant against scammers targeting those financially impacted by the COVID-19 pandemic.
At QSuper, we are committed to protecting your super savings and have strong measures in place to detect suspicious behaviour.
The Australian Competition and Consumer Commission (ACCC) website Scamwatch has reported that scammers have been trying to take advantage of the Government’s recent announcement that people suffering financial difficulties due to coronavirus can apply for early access to some of their superannuation from mid-April.
The ACCC said in most cases, the scammers seek to obtain personal information, including information that will help them fraudulently access the victim’s superannuation funds.
“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,” Ms Rickard said.
If you have provided information about your superannuation to a scammer, immediately contact your superannuation fund. If you have provided personal or banking details, you should also contact your financial institution.
The Government’s new ruling means individuals affected by COVID-19 can apply to access up to $10,000 of their superannuation in 2019-20 and up to a further $10,000 in 2020-21 (conditions apply).
“The Australian Taxation Office is coordinating the early release of super through myGov and 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.”
Scams can impact people of all ages and backgrounds.
The ACCC has said that since the Government’s announcement about early access to super in March, there have been 87 reports of these scams, but no reported losses.
In 2019, though, Australians lost over $6 million to superannuation scams with people aged 45-54 losing the most amount of money.
If you are worried that you are the target of a scam, here’s how to make a report.
If you think you may be the victim scam, you can immediately seek help and take some of these steps to protect yourself from further losses.
1. ACCC media release: ‘Scammers targeting superannuation in COVID-19 crisis’, 6 April 2020.
Temporary access to superannuation offered.
New temporary access to superannuation
In special circumstances, you may be eligible to withdraw some of your super early. Learn more about accessing super in financial hardship.
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