Don't get caught out by super scams: RACQ

After almost 1.3 million Australians applied for an early withdrawal of their superannuation, RACQ has warned Queenslanders to be wary of super scams.

The Courier-Mail reported the Australian Taxation Office (ATO) had tightened its rules around early withdrawals after a huge spike in fraudulent behaviour. 

RACQ spokesperson Lucinda Ross said everyone should be wary of any emails or texts that claim to be from their superannuation fund, the ATO or the Government. 

“With reports of people receiving an email stating that a $10,000 withdrawal had been approved, even though they had never applied, we want to make sure our members are aware these scamers are out there,” Ms Ross said. 

“If you receive any strange or unexpected communications, it’s important you reach out immediately to your superannuation fund and report a potential breach.

“Unfortunately, some scammers have seen the race against the clock to provide cash relief to vulnerable Aussies as a great opportunity to take advantage.”

Ms Ross said those who needed to access their super should to follow the proper channels. 

“Don’t trust anyone who claims they can withdraw your super for you, or reinvest it, in a quicker or ‘smarter’ way,” she said.

“Most scams will simply be too good to be true and it’s important to never click on any links or respond to any proactive phone calls that aren’t from a company you trust. 

“If you need to withdraw your super and are eligible to do so, make sure you seek independent advice on what the impact of this withdrawal will be on your long-term financial goals.”