Keep your super safe

Superannuation accounts have steadily increased as a target for both fraud and identity theft.  So, with annual superannuation statements dropping into letterboxes across the country recently, it’s timely to consider and assess how you protect your super account and your identity.

What is identity fraud?

Identity fraud is a type of fraud that involves the theft of your personal information – such as your name, date of birth and address.

Identity thieves are interested in anything that contains personal information. Our personal information is widespread, on bank and credit card statements, drivers licence, passport, superannuation statements, tax returns and also stored on things such as USB devices and computers.

Once your personal information has been stolen or compromised, it can be used to defraud you, or commit other crimes in your name.

How identity theft can happen

As we need our personal information to operate much of our financial and personal lives, it has become easier for identity theft to occur. Some of the common ways your personal information could be stolen include: bills and financial statements put in the rubbish, stealing wallets, breaking into letterboxes and homes, trawling social networking sites for information, and hacking into your computer.

Identity fraud and your super

Protecting your superannuation account information is just as important as protecting your bank account information.

Stolen identities have been used to steal from superannuation accounts. In recent times two types of fraud have been identified. The first involves stolen superannuation statements and other identification being used to set up self managed super funds (SMSF). Funds are then rolled out of the legitimate super fund into the fraudulent bank account of the SMSF.

The second fraudulent scheme has targeted people directly, offering them a way to access their super early. They offer to transfer your super savings from your existing super fund into another type of fund (typically a SMSF) and then steal the money.

So, it pays to be diligent in looking after your super account information and statements.

Protecting yourself and your super

Energy Super has strict proof of identity measures in place and scrutinises the legitimacy of benefit payment and transfer requests. However you can also take some simple precautions to protect yourself from identity fraud and protect your super account.

• Regularly check your superannuation account via our member online service to ensure any suspicious transactions are detected
• Opt to be alerted via email when your annual statement is ready. You can then check it by logging onto your member online account.
• Shred your statements if you are planning on disposing of them.
• Ensure that Energy Super has your correct contact details so that your statement does not get sent to the wrong address
• Lock your letterbox
• Keep your statements in a secure place
• Never give personal details to people you don’t know or trust
• If you receive a call from someone claiming to be from Energy Super, don’t provide your personal details. You can always call us back on 1300 4 ENERGY (1300 436 374) to confirm the call is genuine.
• Always log directly onto a website, rather than following  a link you have been sent in an email
• Never use public computers for accessing your super accounts
• Keep your member online login and membership card details secure

For more information on protecting your identity, visit the Australian Securities and Investment Commissions MoneySmart website – moneysmart.com.au.