The good news is, with a little know-how, you can spot the warning signs and keep your savings safe. Let’s walk through what to look out for and how to protect what’s yours. 

Common early release scams to watch out for

Here are some common tricks scammers might use when it comes to accessing your super early. Knowing what to watch for can help you stay one step ahead and keep your super safe. 

• Impersonation calls: Watch out for scammers posing as ATO representatives or financial advisers. Their goal is to trick you into revealing personal information by claiming legitimacy. 
• Misleading social media ads: Beware of ads promising help in withdrawing super funds. These could lead you to fraudulent websites designed to mimic government portals. 
• Unintentional shares: Sometimes friends or acquaintances might unwittingly share scams they’ve come across online. These can initially seem legitimate, like alternative pathways for early access schemes. But a quick check can prove otherwise. 

Spotting the signs of early super release scams

Scammers can be persuasive, making their schemes appear legitimate. Here are key warning signs to watch for: 

• Offers of assistance: Be suspicious if someone approaches you with an offer to help you access your super early. These scammers may promise guaranteed approval or immediate processing, which is simply not possible through legitimate channels. 
• Unreasonable flexibility: Be wary of anyone who claims you can access your super early and use it for anything you like.  
• Requests for sensitive information: Be wary of anyone asking for your identity documents, TFN (tax file number), or myGov login details. Sharing these opens the door to identity theft and loss of funds.  
• Upfront fees or commissions: If you're asked to pay fees or commissions upfront, it's a strong indication of fraud. These scams sometimes charge very high fees and commissions. Most legitimate super services don’t operate this way. 
• Self-managed super fund (SMSF) transfers: Be cautious if you're told to transfer your super to a new SMSF. This might be a trick to gain control of your funds under false pretence, through setting up accounts that aren’t directly within your control. 

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Steps to protect yourself

To support the protection of your personal information and your super security, follow these steps: 

• Stick to official channels: Only request early release of super through the Australian Taxation Office (ATO) via myGov, or directly with CareSuper. 
• Protect personal information: Keep your myGov or super login details private. Never share them! 
• Be skeptical of fast-track offers: If someone promises quick access to your super, approach with caution and verify through trusted sources, like friends or family. 
• Contact us for advice: If you’re uncertain, don’t hesitate to reach out to us at CareSuper for professional guidance and support. Call us on 1800 005 166. 

What to do if you suspect a scam 

If something doesn’t feel right, trust your instincts. If you think you may have been targeted by a scam, please call 1800 005 166 straight away or email [email protected] - we're here to help.

Remember, genuine requests for early release of super don’t include surprise fees, pressure tactics, or long lists of personal data. Take your time, ask questions, and verify any offers directly with us. We’re committed to helping you protect your super and secure your financial future. 

 

This is general information only and doesn’t take into account your objectives, financial situation or needs. Before making a decision about CareSuper, you should consider if this information is right for you.
We're giving you this information in good faith. It comes from sources we think are reliable and helpful. However, we can't guarantee its accuracy and take no responsibility for this content, including any errors or omissions.