Protecting yourself and your savings from scams
Your KiwiSaver is more than just a retirement fund – it’s the cornerstone of your financial future. And unfortunately, it’s exactly this that scammers are targeting. As fraud become more sophisticated, the risk to your hard-earned savings grows. But with vigilance and a few simple steps, you can protect your nest egg from those looking to steal it.
Here’s how you can defend your KiwiSaver and ensure your savings stay secure.
As Proverbs 22:3 reminds us, “The prudent see danger and take refuge.” Let’s take refuge in wisdom and practical steps to protect what matters most.
Here are our top tips, for protecting your hard-earned savings
- Be wary of unsolicited contact
Scammers love to impersonate trusted institutions like your KiwiSaver provider or government agencies. If you get an unexpected call or email, don’t take the bait. Hang up, ignore the message, and call your provider directly to verify whether the communication is legitimate. - Protect your personal information
Your passwords, IRD number, KiwiSaver account details, and bank information are golden tickets for scammers. Never share these with anyone, unless you are certain you’re dealing with trusted sources. - Don’t fall for “Too Good to be True” Investments
If an investment promises sky-high returns with little to no risk, run in the other direction! Remember: If it sounds too good to be true, it probably is. Always double-check with a trusted friend or adviser, before making any moves. - Watch for Fake Websites
Fraudulent websites are getting harder to spot. Stick to official websites and avoid clicking on links from unsolicited emails or messages. Scammers often create convincing lookalike sites to steal your information. - Check for Registration
Legitimate financial services providers are always registered. Before engaging with anyone who claims to be an adviser, double-check their credentials on the Financial Service Providers Register to ensure they are who they say they are. - Scrutinise Emails and Messages
Grammatical errors, odd phrasing, or unexpected attachments are all red flags for (unsophisticated) phishing scams. But Artificial Intelligence is making these scams look more and more realistic, so look out for the ‘click-bait’ in a phishing scam. Always inspect any unsolicited messages closely before clicking on anything. - Create Strong Passwords
Your KiwiSaver account is a prime target, so make sure your password is unique, complex, and hard to guess. Enable two-factor authentication wherever possible for an extra layer of protection. - Say No to High-Pressure Tactics
Scammers thrive on urgency. If someone is pressuring you to decide quickly, take a step back. Scammers want you to act impulsively. Take your time, do your research, and don’t let anyone rush you. Remember, your real service provider is unlikely to push you for an instant answer. - Stay Informed About Scams
Knowledge is power. Familiarize yourself with common scams such as Ponzi schemes, phishing, and fake investment platforms. The Financial Markets Authority’s scam basics webpage is an excellent resource to keep you in the know (https://www.fma.govt.nz/scams/scam-basics/). - Monitor Your Account Regularly
Keep a close eye on your KiwiSaver account and look out for unauthorised transactions. If something looks off, don’t hesitate – call your provider immediately.
What to Do if You Suspect a Scam
If you think you’ve been targeted, don’t panic, but act quickly to minimise the damage. Here’s what you can do:
- Contact Your Provider: If something seems off with your Christian KiwiSaver Scheme account, reach out to Anglican Financial Care ASAP https://christiankiwisaver.nz/contact-us/
- Report the Scam: Help stop the scammers by reporting the incident to the Financial Markets Authority ( https://www.fma.govt.nz/scams/report-a-scam/) or Netsafe (https://netsafe.org.nz/).
- Seek Expert Advice: Talk to a trusted financial adviser who can help you navigate the next steps and protect your savings from further harm.
Your KiwiSaver is a critical part of securing your financial future. Protect it with vigilance, caution, and knowledge. Don’t let scammers get the better of you.
At Anglican Financial Care, we are dedicated to protecting our Christian KiwiSaver Scheme members through robust procedures. We aim to provide you with financial peace of mind as you grow your savings.
If you have concerns or questions about your KiwiSaver savings, we’re here to help. Stay vigilant, trust in God’s goodness, and take proactive steps to protect your financial future.
Learn more about the Christian KiwiSaver Scheme and view our Product Disclosure Statement: https://christiankiwisaver.nz/documents/
