Superannuation or Retirement Benefit Scam

Superannuation funds can be stolen, and sharing personal information with scammers can lead to losing your entire retirement savings, with the Australian Competition and Consumer Commission (ACCC) reporting consumers losing over $6.4 million to superannuation scams in 2020.

-Avoid engaging with advertisements that purport to offer a quick and convenient way to access your super early.

-Check your super balance and contact details regularly to ensure everything looks right. If you suspect that something is wrong, contact your super fund immediately for an explanation.

-Protect your personal details by shredding sensitive documents after use, being careful on social media and using secure passwords.

-Avoid dealing with any so-called ‘expert’ if they are not listed as licenced to set up or manage super funds on ASIC’s website. Select ‘Australian Financial Services Licensee’ in the drop-down menu to search for someone’s credentials. You can also check if they’ve been disqualified on the Australian Prudential Regulation Authority (APRA)’s Disqualified Register.

Superannuation scam investigations typically take one to three months, depending on the scam’s complexity and legal action. If successful, investigators can collaborate with law enforcement to file search warrants or criminal charges, a lengthy and complex process that may extend the time frame.

It is challenging to recover funds that have been stolen in a superannuation scam.

If your retirement savings have been lost through identity theft, you may be able to apply for a Commonwealth Victim’s Certificate, which can assist you in requesting for your financial institution or super fund to remove a fraudulent transaction.

Additionally, Opto Intelligence asset recovery services combine cyber intelligence, investigations and on-the-ground monitoring to track down stolen assets. Please contact us today for more information.

Yes, we prioritize data security and confidentiality. We employ robust security measures to safeguard your information throughout the recovery process.

The cost of investigating a superannuation scam depends on the complexity and magnitude of the scam, the extent of your losses, and the jurisdiction where the perpetrators operated.

Before commencing the investigation, our team of investigators will present you with a comprehensive proposal outlining the estimated budget required to maximize the chances of a successful resolution.

The success of an investigation depends on the specific circumstances of your case. The more actionable evidence our investigators can uncover, the higher the likelihood of bringing the orchestrator to court. After initial consultation, we perform a preliminary assessment to determine if to initiate the investigation.