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Scammers targeting early release of super
More than 880,000 people have registered their interest in the early release of their super, but consumers are warned to be on their guard against scammers already trying to take advantage.
Following the Government’s announcement in March that anyone suffering financial hardship due to Covid-19 can apply for partial access to their superannuation, 87 scams have been reported to the Scamwatch website.
The Australian Competition and Consumer Commission (ACCC) warns unscrupulous operators are cold-calling people claiming to be from organisations that can help you get early access to your funds.
“For most people, outside of their home, superannuation is their greatest asset and you can’t be too careful about protecting it,” says ACCC Deputy Chair Delia Rickard. “The Australian Tax Office is coordinating the early release of super through its MyGov website and there is no need to involve a third party or pay a fee to get access under this scheme.”
In most cases the scammers try to obtain personal information to help them fraudulently access the victim’s superannuation funds.
“While older people are more commonly affected by superannuation scammers, the new early-access scheme means a range of age groups are now experiencing these scams,” says Ms Rickard.
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