Self managed super funds continue to have growing popularity in Australia for a number of reasons. Many people see a real benefit of having more control over their own money now, and in the future. There are a number of financial, control, and taxation benefits to these funds if you have the money. On the flip side, they are highly targeted for fraud. Here are some practical ways you can protect yourself.
•    Identity Protection. We live in a world that is increasingly online. Indentity theft and fraud continue to be huge business for criminals. You should never give out all elements of your identity to any organization where possible. Do not fill in website details of an entertainment nature with your correct date of birth, for example. To protect your identity you must be vigilant. Shred any documents before you throw them in the bin. Most home letter boxes are an easy way for criminals to steal your information. Having a secure post office box is a very good solution.
•    More online protection. Malware can enter your computer and send you important information out. Make sure your computer is protected with the appropriate software. Never give out any of your details where possible. If you are making online payments, use intermediatories that keep your information safe.
•    Disregard offers. Many of those involved in fraud contact unsuspecting individuals by phone, mail or by email. Any offer that you receive should be checked twice. This is so important with phone calls where we can be caught offgaurd. You cannot believe anyone who is contacting you. Most companies will not contact you and ask for your details. This is something that you should be aware of.
•    Who is giving you advice? There is good advice, and there are those who are getting big commissions on the investments you make. If you are dealing with an agent or professional, you should know it is an individual or company you can trust. There will be some form of agreement they will have to give you, and you can look at the level of their commission. If it is high, you know they are selling you the investment for their commission and have no long term interest in your financial well being. Scam investments often offer huge returns with little risk. If it looks too good to be true, then it is. There is no way to make a lot of money with investments without considerable risk. Don’t believe the hype.
•    Multiple signatures. If you have more than one signature to make amendments to your agreements or funding, it is more complicated to attack your investment. Those who perpetrate fraud will often not know that more than one signature is required until it is too late.
Few of us have the skill to DIY superannuation, and so you are going to rely on a lot of help. This means much of your personal information will be available to others. Furthermore, you are going to need to rely on the advice of others. It is prudent you work with professionals you can trust.