Media Releases

12 August 2020

ASFA urges consumer vigilance amid rising COVID-19 super fraud

The Association of Superannuation Funds of Australia (ASFA) is urging super fund members to take extra precautions to protect against cybercrime, after The Australian Securities and Investments Commission (ASIC) revealed the extent of fraud linked to the Federal Government’s COVID-19 early release super scheme.

ASFA CEO Dr Martin Fahy said: “ASIC has outlined the rising threat and identified the growing cases of cybercrime, fraud and identity theft specifically targeting super funds and their members in relation to the COVID-19 early release super scheme.

“It’s critical to protect your superannuation account details and to regularly check your balance, just as you would with an everyday bank account. It’s the best way to be alert to suspicious activity.”

ASIC has also indicated there continue to be breaches of the law by real estate agents encouraging tenants to access early release super to meet rental payments, and credit providers advising borrowers to use it to meet loan repayments.

“We encourage the authorities to prosecute these breaches to the full extent of the law and send a clear message to those preying on vulnerable members of the community.”

For further information on how best to recognise a super scam please visit moneysmart.gov.au.

For further information, please contact:
Jacqui Maddock, 0451 949 300.

About ASFA
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system, so all Australians can enjoy a comfortable and dignified retirement.