If you have been tempted to access your superannuation early to help you through the Covid-19 crisis, be aware of a new scam.

Scammers have pounced on the opportunity to make a buck since the Federal Government’s recent announcement to allow early access of up to $10,000 of superannuation savings before 1 July 2020, and another $10,000 between 1 July and 24 September,

Fraudsters are phoning or emailing super fund members, pretending to be agents who will help them through the application process for a fee. 

They may ask for member numbers and passwords for accessing member accounts online, and other personal details.

Industry SuperFund for the timber, pulp and paper, and furniture and joinery industries, First Super has words of advice for anyone who think they have been targeted by scammers.

First Super chief executive Bill Watson said eligible super fund members need to apply through myGov only, not their super fund or any third party.

“First Super is strongly connected to the NSW North Coast and is aware that some of its members in the area may need to apply for early access to their super due to changed circumstances,” Mr Watson said.

“The scammers’ aim is to take advantage of people suffering financial hardship, who are desperate for income due to a reduction or loss of their regular wages.”

What to do if you’re targeted

Be cautious about any communications you receive about early access to their super.

“If you are worried that a phone call, email, or text message concerning your super is a scam, you should hang up or delete the message. You can easily contact your super fund afterwards to check if a call or email was genuine,” Mr Watson said.

The important things to remember are:

The temporary early access to super application process does not open until Monday 20 April.

No super fund will ever contact members by phone, email or text message asking for online account passwords.

Super fund administration teams would normally request personal or financial details only in response to an enquiry or insurance claim from a member in relation to their super account.

The ‘temporary early access to super’ provision is designed as a last resort. People are encouraged to explore the other Government income-support measures available and Rent Assistance.

Banks are also offering help, such as mortgage payment and loan holidays.

For more information about early access to superannuation, visit the Federal Government’s Early access to superannuation fact sheet:

https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Early_Access_to_Super_1.pdf

or MoneySmart’s dedicated COVID-19 and financial matters web page https://moneysmart.gov.au/covid-19