Protecting Your Super from Scams
Superannuation is one of the most valuable financial assets most Australians will accumulate. For many people, it represents decades of work, disciplined saving and is an asset designed to enable a comfortable retirement. That makes it an incredibly attractive target for scammers.
Unfortunately, superannuation scams are not only increasing in frequency, but they are also becoming far more sophisticated. What once looked obviously suspicious has evolved into something far harder to detect. Today's scammers are professional, persuasive and in many cases, hard to distinguish from legitimate financial professionals at first glance.
The more Australians understand how these scams work, the better positioned they are to protect themselves and the retirement savings they have worked so hard to build.
The Scale of the Problem
The Australian Securities and Investments Commission (ASIC) and the Australian Competition and Consumer Commission (ACCC) have both issued repeated warnings about the rise of investment and superannuation scams in recent years. According to the ACCC's Scamwatch, Australians lose hundreds of millions of dollars to investment scams each year, and superannuation is increasingly in the crosshairs.
ASIC has specifically warned about scammers cold calling superannuation holders, posing as financial advisers or representatives of well-known investment firms. These callers are often well-prepared. They know industry terminology, they sound confident, and they have polished websites and comparison tools designed to look entirely legitimate.
The Australian Taxation Office (ATO) has also flagged superannuation fraud as a growing concern, particularly involving attempts to access or redirect super funds through identity theft, fake rollover requests and fraudulent self-managed super fund (SMSF) arrangements.
How These Scams Work
Understanding the mechanics of a scam is one of the most effective ways to protect against one. Here are some of the common approaches scammers are currently using to target us.
Cold Calls from "Financial Advisers"
This is one of the most widely reported super scam tactics in Australia right now. A person receives an unsolicited call from someone presenting themselves as a financial adviser or representative of a financial services firm. Unlike the obvious scam calls in the past, these callers often ring during business hours, use professional language and reference real companies or industry bodies.
The caller typically offers something appealing, a free super health check, a comparison of your fund's performance, or access to a higher-returning fund. To access this information, they guide you through creating an account on their website or provide your super fund details over the phone. ASIC has warned that some callers even offer incentives such as gift cards, electronics or prize draws to encourage participation.
Once personal details or super fund information is obtained, victims may find their super rolled over into a fraudulent fund, their identity compromised, or their savings simply gone.
Fake Comparison Websites
Scammers have become skilled at creating websites that look and feel like legitimate financial comparison tools. These sites may feature professional design, brand-name logos, apparent fund performance data and prompts to input your super details.
In many cases, victims are directed to these sites during a phone call and told they are simply comparing their fund with others. The site creates a sense of legitimacy that can put people at ease. Once personal and super fund details are entered, scammers have everything they need.
A genuine super comparison tool does exist in Australia. The government-run YourSuper comparison tool is available through the myGov portal. If someone directs you to a different comparison website you have not independently found, treat it with extreme caution.
Switching Super Scams
One of the most financially damaging scam types involves persuading a person to roll over their existing superannuation. Scammers may promise dramatically higher returns, lower fees or special access to investments not available through mainstream funds.
Before rolling over superannuation to any fund, it is worth checking that the fund holds an Australian Prudential Regulation Authority (APRA) licence. Every legitimate super fund also has a Unique Superannuation Identifier (USI), which can be verified through the ATO's Super Fund Lookup tool.
SMSF Spruiking
Self-managed super funds can be a legitimate and effective retirement strategy for the right person in the right circumstances. However, they have also become a tool used by promoters to separate people from their savings.
SMSF spruiking refers to the aggressive promotion of self-managed super funds, often linked to a particular investment such as property, cryptocurrency or alternative assets. The pitch usually sounds compelling: take control of your super, invest in something tangible, and generate strong returns.
ASIC has repeatedly warned against SMSF promoters who push people into establishing funds without adequate consideration of whether it is appropriate for them. Setting up an SMSF comes with significant legal and administrative responsibilities. Trustees are personally liable for compliance. If the fund is used to invest in dubious schemes, members may lose their retirement savings with very limited recourse.
Red flags to watch for include unsolicited approaches promoting SMSFs, pressure to act quickly, promises of guaranteed returns, and suggestions that an SMSF is the only way to access a particular investment.
What the Government Is Advising
Both ASIC and the ATO have published guidance for Australians wanting to protect their super from scammers. Here is a summary of what they currently recommend.
• Verify before you act. Before making any changes to your super, independently verify the identity of the person or organisation you are dealing with. Do not use contact details they have provided. Look the company up yourself.
• Hang up on cold callers. Legitimate financial advisers and super funds do not cold call you out of the blue offering unsolicited advice or incentives. ASIC recommends hanging up immediately if you receive a call like this. You can always call back on a number you have independently found.
• Register with the Do Not Call Register. The Australian Government's Do Not Call Register allows individuals to register their phone numbers to reduce unsolicited telemarketing calls. While it does not eliminate all scam calls, it can reduce unwanted contact.
• Check your super regularly. Monitoring your super account through myGov or the funds online portal means you are more likely to notice unusual activity early. The ATO also uses myGov to send alerts about changes.
• Report suspicious activity. If you suspect you have been contacted by a scammer, report it to Scamwatch via the ACCC website and to ASIC. Reporting helps authorities track scam activity and warn others.
• Contact your fund immediately. If you think a scammer may have accessed your super details, contact your fund directly and ask them to place a block on any rollover or withdrawal requests while you investigate.
How to Protect Yourself: Practical Steps
Beyond the government's guidance, there are some practical habits that can significantly reduce the risk of falling victim to a super scam.
Never share your super fund login credentials, member number or personal identification details with someone who has contacted you. Legitimate organisations will never ask for these over the phone or via an unsolicited email.
Be cautious of any offer that sounds too good to be true. Promises of above-market returns, guaranteed income or special investment access are common features of scams. If the returns being advertised are dramatically higher than what mainstream funds are achieving, that is worth questioning.
Take your time. Scammers often create a sense of urgency, suggesting that an offer is time-limited or that you need to act quickly to secure a position. Legitimate financial arrangements do not evaporate overnight. If someone is pressuring you to make a decision quickly, that alone is a warning sign.
Independently research any fund or investment product before committing. The ATO's Super Fund Lookup tool allows you to check super funds details.
The Role of a Trusted Financial Adviser
One of the most effective protections against super scams is simply having an ongoing relationship with a licensed financial adviser you trust.
A good adviser knows your financial position, your goals and your existing arrangements. That familiarity means they are well-placed to spot something that does not add up. If a client calls asking to roll over their super to an unfamiliar fund, a switched-on adviser will ask questions. They will check the fund's credentials. They will not simply facilitate the transaction without doing their due diligence.
This is exactly the kind of protection that comes from working with someone over the long term. Scammers often rely on isolation. They want you to act quickly, independently and without consulting anyone who might raise concerns. A trusted adviser disrupts that entirely.
A financial adviser can also help you understand what a legitimate super review actually looks like. If your existing fund is genuinely not performing well or is costing too much in fees, there may be good reasons to consider alternatives. But that conversation should happen with someone who is licensed, who knows your full financial picture and who has no financial incentive to push you towards a particular fund.
Licensed financial advisers in Australia are required to be registered on the ASIC Financial Advisers Register. You can search for any adviser by name or licence number through the register. If someone claims to be a financial adviser but does not appear on that register, that is a red flag.
A financial adviser can also assist with reviewing whether your existing super fund remains appropriate for your circumstances, ensuring your fund is properly structured and that your investment options align with your goals, helping you understand the genuine risks and responsibilities involved in setting up an SMSF if that is something you are considering, and making sure any changes to your super are processed correctly and in your best interests.
If You Think You Have Been Targeted
If you receive a suspicious call or believe you may have shared your personal or super details with a scammer, here are options on what to do next.
• Hang up immediately if you are still on the call.
• Contact your super fund directly and ask them to freeze any transactions.
• Report the incident to Scamwatch.
• Contact ASIC to report the fraudulent activity.
• Call your financial adviser if you have one, or seek professional guidance from a licensed adviser before making any decisions about your super.
• Register on the Do Not Call Register
Superannuation represents your future. It is the result of years of work and it deserves to be protected with the same care and attention you would give to any other significant asset.
Scammers targeting super are becoming increasingly sophisticated.. Understanding how these scams work, knowing what the warning signs look like, and having a trusted adviser to check in with can make an enormous difference.
If you ever receive an unsolicited approach about your superannuation, the first step is to pause. Do not act quickly. Do not share your details. And if in doubt, pick up the phone and call someone you trust.
About Us
After working as an advisor for a decade, Joel founded Unified Wealth.
Unified Wealth specialises in helping clients who are facing life’s big decisions.
Whether you’re contemplating your first property, growing your family or starting your investment journey we can help you focus on the simple steps to help you make your goals reality.
Our priority is making sure you have all the right information available to make the best possible decisions for you and those you love.
If you are looking to build passive income in the Macedon Ranges or Sunbury, speak with our local financial advisor here.
DisclosureThe information in this blog and the links has been prepared for general information purposes only and does not take into account your personal objectives, financial situation or needs. It is not intended to provide commercial, financial, investment, accounting, tax or legal advice. You should, before you make any decision regarding any information, strategies, or products mentioned in this website, consult a professional financial advisor to consider whether it is suitable and appropriate for you and your personal needs and circumstances. Before making a decision to acquire a financial product, you should obtain and read the Product Disclosure Statement (PDS) relating to that product, together with the Target Market Determination (TMD)