Authorities warn scammers likely to target Aussies after thousands of dollars wiped from individual superannuation accounts

Aussies have been warned of scammers trying to deceive people with too-good-to-be-true investment opportunities after a big hit to super funds.

Australians are being warned to remain vigilant of fraudsters using the global financial climate to deceive people with scams to increase wealth after thousands of dollars were wiped from individual superannuation accounts.

Retirement savings declined in many Australians’ super accounts when the ASX 200 plummeted by 6.02 per cent on Monday.

Queensland Police Financial Cyber Crime Group (FCCG) warned that this could make people more vulnerable to scammers who impersonated financial institutions with fake investment opportunities.

Authorities warn scammers are likely to exploit the economic instability to target individuals, Picture: iStock

FCCG commander Detective Superintendent Craig McGrath said scammers would likely exploit the economic instability to target individuals, which often led to further significant financial losses and emotional distress.

Superintendent McGrath said Australians could protect themselves by remaining wary of people guaranteeing high returns.

“If it sounds too good to be true, then it probably is,” he said.

“(You) need to remain cautious, seek independent financial advice, verify the identity of anyone requesting personal or financial information and report any suspicious activities to authorities.

Police say if it sounds too good to be true, it usually is. Picture: NewsWire / Glenn Campbell

“If you’re a victim of an investment scam, report it to your bank, then to police at cyber.gov.au/report.

“If you think you have lost money, immediately report the transaction/s to your bank or financial institution and change your online banking passwords to secure your online accounts.”