Soaring super scams: Aussies urged to stay 'super' alert amidst rising fraud cases
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When it comes to finances, particularly superannuation, it's time to sit up, take notice, and be incredibly alert.
It's essential to take steps to protect your hard-earned savings, especially amidst this alarming news.
Aware Super, one of the country's largest superannuation funds, reported a staggering 208 per cent increase in attempted frauds over the last six months.
This is no small matter, as the fund successfully prevented $36 million in losses in the past year alone.
With 1.1 million members under its wing, Aware Super urged everyone to stay vigilant to safeguard their future.
‘What's happening is organised crime groups are now targeting superannuation,’ Samuel Pascoe, Aware Super’s Financial Crime Senior Manager, pointed out.
‘It doesn't matter who you are or where you are from, you can be the victim of a scam on your superannuation account.’
Experts emphasised that this issue pervades the entire industry and advocates for enhanced protections from superannuation funds.
Elderly individuals are at a higher risk of being targeted, and the mentality of ‘set and forget’ is also increasing the vulnerability of account holders.
‘Scammers are really looking at that group of people, because they know because they can get access [to] their superannuation earlier,’ Super Consumers Australia Director Xavier O'Halloran warned.
‘We've heard about people losing hundreds of thousands of dollars just as they are heading into retirement, that's going to be financially devastating.’
Experts recommended being actively involved with your superannuation fund, staying informed about your account balance, and remaining ‘incredibly alert’.
As Australians face the rising threat of superannuation fund scams, it becomes increasingly crucial to safeguard retirement savings.
With scammers targeting older individuals and exploiting the ‘set and forget’ mentality, staying vigilant is paramount.
However, amidst these concerns, planning for retirement remains a pressing issue.
For those looking forward to retirement, understanding how much is needed to do so comfortably then becomes essential in navigating financial security during one's later years.
Have you or someone you know encountered a superannuation scam? What are your tips to safeguard yourself from these scams? Share your experiences and tips in the comments below.
It's essential to take steps to protect your hard-earned savings, especially amidst this alarming news.
Aware Super, one of the country's largest superannuation funds, reported a staggering 208 per cent increase in attempted frauds over the last six months.
This is no small matter, as the fund successfully prevented $36 million in losses in the past year alone.
With 1.1 million members under its wing, Aware Super urged everyone to stay vigilant to safeguard their future.
Australians were urged to stay alert with their superannuation accounts after reports of attempted fraud. Credits: Shutterstock
‘What's happening is organised crime groups are now targeting superannuation,’ Samuel Pascoe, Aware Super’s Financial Crime Senior Manager, pointed out.
‘It doesn't matter who you are or where you are from, you can be the victim of a scam on your superannuation account.’
Experts emphasised that this issue pervades the entire industry and advocates for enhanced protections from superannuation funds.
Elderly individuals are at a higher risk of being targeted, and the mentality of ‘set and forget’ is also increasing the vulnerability of account holders.
‘Scammers are really looking at that group of people, because they know because they can get access [to] their superannuation earlier,’ Super Consumers Australia Director Xavier O'Halloran warned.
‘We've heard about people losing hundreds of thousands of dollars just as they are heading into retirement, that's going to be financially devastating.’
Experts recommended being actively involved with your superannuation fund, staying informed about your account balance, and remaining ‘incredibly alert’.
As Australians face the rising threat of superannuation fund scams, it becomes increasingly crucial to safeguard retirement savings.
With scammers targeting older individuals and exploiting the ‘set and forget’ mentality, staying vigilant is paramount.
However, amidst these concerns, planning for retirement remains a pressing issue.
For those looking forward to retirement, understanding how much is needed to do so comfortably then becomes essential in navigating financial security during one's later years.
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