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

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
8. 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.
9. 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/).
10. 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/

Turning 18: Your KiwiSaver Journey is Just Getting Started

When you turn 18, several important changes happen with your KiwiSaver account. At this age, you take full control of your account, meaning you get to make decisions about how much you contribute and how your funds are invested. If you are already working, make sure your employer knows you have turned 18. You can choose your contribution rate, starting at 3% of your income (before tax), with a range of options to contribute, up to 10%. Your employer will contribute an amount equal to 3% of your pay before tax – giving your savings an extra boost.

One of the biggest changes is that you’ll start receiving government contributions. For every dollar you put in, the government contributes 50 cents, up to $521.43 each year. To receive the full government contribution, you’ll need to contribute at least $1,042.86 annually. If your chosen contribution rate won’t automatically get you to the full $1,042.86, you can top up by making voluntary contributions. You can check to see if you need to top up your contributions from inside your member area of the Christian KiwiSaver Scheme website.

At Christian KiwiSaver Scheme, we offer a range of investment funds that are shaped by Christian values, managed responsibility and guided by our Ethical Investment Policy. As you take control of your account, you can choose the investment option that best suits your risk tolerance and long-term financial goals.

After you’ve been in KiwiSaver for three years, you might also be eligible to withdraw part of your savings to help purchase your first home. This withdrawal includes your contributions, your employer’s contributions, and any investment earnings.

Keep in mind that KiwiSaver is primarily a retirement savings scheme. You’ll gain access to your full funds at retirement age (currently 65), and the longer you contribute and invest, the more your savings can grow.

As you celebrate turning 18 and take the next step in your KiwiSaver journey, we’re excited to continue supporting you on the path towards financial security. If you or someone you know, whether they’re 18 or any age, is interested in joining the Christian KiwiSaver Scheme, now is a great time to explore the benefits we offer. We’re here to help you grow your savings in a way that aligns with your values. For more information, or to get started, feel free to reach out to us – we’d love to welcome new members to the Christian KiwiSaver Scheme family!

Learn more about the Christian KiwiSaver Scheme and view our Product Disclosure Statement at https://christiankiwisaver.nz/documents