Many Australians, especially seniors, have been feeling uneasy lately about their superannuation.

Recent global events and market volatility left many Australians watching their nest eggs shrink in real time.

Unfortunately, scammers started circling around vulnerable individuals like sharks in troubled waters.

Superannuation has been the cornerstone of many Australians' retirement plans.

A recent poll of over 8,200 Australians revealed that 72 per cent of the respondents have been worried about the health of their super.

With so much anxiety in the air, scammers started seizing the opportunity to prey on vulnerable Aussies.

Many Australians are now anxious over their superannuation funds after recent world events. Image Credit: Pexels/Alex P

CPA Australia, one of the country's leading financial institutions, issued a warning about unsolicited phone calls about superannuation.

'There's a high chance you'll be getting unlicensed financial advice, or these calls could be designed to steal your personal information—or even your superannuation savings,' CPA Australia's Superannuation Lead, Richard Webb, stated.

These scammers are clever, often posing as financial experts or representatives from well-known institutions.

They may use scare tactics, quote alarming statistics, or create a false sense of urgency to pressure you into making hasty decisions.

CPA Australia outlined some tell-tale signs that a call about superannuation might be dodgy:

• Withheld or suspicious phone numbers: If the call comes from a private or unfamiliar number, be wary.
• Vague introductions: Scammers often gloss over where they're calling from, sometimes using confusing acronyms or generic terms.
• Fishing for information: They might ask, 'Have you heard about this?' to gauge a person's knowledge and tailor their pitch.
• Pressure tactics: Scammers create scenarios of urgency to push people into a quick decision.
• Unsolicited texts: Random texts about super could be a phishing attempt to steal personal information.

CPA Australia's warning came after news of a Brisbane man's predicament with his superannuation fund.

Peter Jarratt's superannuation funds recently had a gaping hole, with $50,000 gone from both his super and investments.

Now, the 69-year-old man may have to delay his retirement.

A massive factor for this loss was the tariffs recently implemented by United States President Donald Trump.

The superannuation market has taken a hit over the past weeks.

According to superannuation consultancy Chant West, the median balanced super option fell by 1.9 per cent in March.

It was also projected to drop another two per cent in April.

For those with a balanced option for their superannuation, this could mean significant short-term losses.

While these dips are indeed concerning, remember that superannuation is a long-term investment.

Panicking and making rash decisions can do more harm than good.

Tip

What can you do if a scammer calls you about your superannuation?

Do not share personal details: Never give out superannuation numbers, account details, or personal information over the phone.
Hang up and verify: Hang up and call your super fund directly using the official contact details from their website or statements.
Seek licensed advice: Only take financial advice from a licensed adviser or super fund provider. Seniors may check an adviser's legitimacy through the Australian Securities and Investments Commission's (ASIC) Financial Advisers Register.
Report suspicious activity: If you think a scam has targeted you, contact your super fund immediately and report the incident to Scamwatch.

Key Takeaways

• Australians have been warned about unsolicited phone calls about their superannuation following recent market losses.
• Thousands of Aussies have seen their superannuation balances drop significantly, with some reporting losses up to $50,000.
• CPA Australia cautioned that these unsolicited calls often provide unlicensed financial advice and could be scams designed to steal personal information or super savings.
• Signs of dodgy calls include withheld or suspicious numbers, vague information, creating urgency, and unsolicited text messages with dubious links.

Have you received a suspicious call or text about your super lately? Have you noticed unexpected changes in your superannuation? We would love to read your experiences and stories, so let us know in the comments section below.

 

[novezar]

If there is any doubt what-so-ever of your super account, as it states in the 'TIPS'', ring your super company direct and ask the "?'s".

On all accounts, do not reply to "super emails" if your exact account details aren't included.
You can't be too careful. Be very WARY indeed.

I'd love to get one so I could reply to them with complete bullshit inf., & wait to see what happens.
A reply from them could be very interesting indeed.

Take care one & all.

 

[jay2]

emails from Australia's biggest bank is worrying me. It appears to be a fishing exercise. This bank seems to be very unstable at the moment. jay2

 

[Bill MacL]

Never believe anything they say. Hang up. If you are concerned at all, just log in to your fund and check it.

 

[Catherines]

There was a time we were getting unsolicited calls (many years ago). If we couldn’t see the caller’s name on our landline, we started answering with “City Morgue, how can I help you?” Or “City Morgue, would you like to book a freezer drawer?” That put paid to that!! Now we just don’t answer if we don’t recognise the number - if someone is really desperate to contact us, they will call again, even many times the same day, or use our mobile numbers.

 

[Pierre-Poppi]

Not about my super, but trying to get me to release my crypto currency. The major thing to look for is the phone number that shows like a local prefix code like 03, 07, 08. Look underneath their phone number it should read Australia, which means the these thieves are using a number that really doesn't exist. If you get one of these calls, let it ring out then try and call it back, you will get the mesage,"this number is not in service."It's a scam caller.