Business / Money

Warning after scammers target NZ Superannuation Fund users

19:56 pm on 7 September 2022

NZ Super Fund says the scammers' Facebook profiles have been taken down and complainants were put into contact with their banks and police. (File image) Photo: 123RF

Scammers have been impersonating the NZ Superannuation Fund online to try and con people out of their money.

In one recent incident, a person lost money after being targeted by scammers who used using fake names and images to solicit investments in the name of the fund, the Super Fund said.

In another incident, scammers impersonating the Super Fund were offering cryptocurrency investments online.

Mark Fennell, general manager for risk at the Guardians, the Crown entity that manages the NZ Super Fund, said they were unaware whether anyone lost money in that instance.

The scammers' Facebook profiles had been taken down and the complainants had been put into contact with their banks and police, Fennell said.

"Online criminals can be persistent, sophisticated and brazen in their approach."

The fund did not and never had offered any sort of investment to individuals, nor did it trade in crypto currencies, he said.

"If you are approached directly, via Facebook or other channels, and offered investments by an organisation or individual claiming to represent the NZ Super Fund, you should not engage with the scammers. "

The fund would remain "extremely vigilant" of possible scams and was working with other organisations to keep the public safe, Fennell said.

"We urge New Zealanders to stay alert, and to check out the good advice offered by the FMA [Financial Markets Authority], Netsafe, CERT and others on how to recognise the signs of attempted scams, and how to avoid and report on them."

Last week, Westpac Bank warned impersonation scams were becoming more frequent, as scammers become more sophisticated in their efforts to target consumers.