When was the last time you checked the status of your superannuation fund?
Because people do not check the status of there superannuation fund as regularly as their bank account they are more likely to find out when it is too late that their funds have been hijacked.
- It Begins with identity fraud.
- The Fraudsters then falsify a claim of hardship payments to “cash-out” the super fund.
- Identity checking requirements by the fund manager are usually lax.
- No legal obligation for the Super Fund to reimburse victims.
- Keep an eye on your fund. Note any changes that you did not authorise and challenge the fund manager.
- Keep an eye on your personal details, “Are they correct?”
- Has there been a change in the recorded contact details, email address, phone numbers, postal address held by the fund manager?
In respect to “Tip # 3” this is a good indicator if your fund has been hijacked.