With more than $4 trillion held in superannuation, it’s no surprise that scammers see Australians’ retirement savings as a lucrative target.
In recent months, the Australian Securities and Investments Commission (ASIC) has warned consumers to be on high alert following a rise in unsolicited calls, online ads and false promises designed to convince people to switch or withdraw their super under misleading pretences.
Your superannuation is one of the most important investments you’ll ever make – often representing decades of hard work and the foundation of your retirement. That’s why understanding how to identify and avoid superannuation scams is crucial to protecting your financial future.
Below, we outline the common red flags, explain why these scams can appear legitimate, and share practical steps you can take to keep your super safe.
The Red Flags To Look Out For
Not every call or offer about superannuation is a scam – but if it sounds unusual, pushy or too good to be true, it’s worth taking a closer look. According to ASIC’s Moneysmart, some of the biggest warning signs include:
- High-pressure tactics – being told you must act immediately. Remember, a genuine investment opportunity will allow you time to consider your options.
- Cold calls or unexpected emails or messages – particularly if you’ve never contacted the provider before.
- “Free super health checks” or prize offers – often promoted through social media or online ads.
- “We’ll find your lost super for free”, claims – while this sounds helpful, scammers frequently use it as a hook. (Tip: you can safely locate your lost super via the ATO using your myGov account.)
- Unlicensed advisers – individuals or companies giving financial advice without a proper ASIC license or authorisation.
- Mostly phone-cased dealings – with little or no opportunity to meet a qualified financial adviser in person.
- Guaranteed or unusually high returns – if it sounds too good to be true, it almost certainly is.
These scams often appear polished and professional, making it easy to mistake them for legitimate offers – especially if they use financial jargon or mention well-known institutions.
Why These Tactics Are Dangerous
Modern financial scams are sophisticated.
They may not fit the classic pattern of an obvious fraud, and the people behind them often sound professional, polite and knowledgeable. Some may even connect you with a so-called “adviser” to make the process appear credible.
The danger lies in the fine print – or lack thereof. Many of these offers encourage people to transfer their superannuation into high-risk, complex or unregulated investments, often promising better returns or early access to funds.
Once you’ve authorised the transfer or switch, your savings may be placed into an account that’s extremely risky, difficult to trace, or controlled by the scammers themselves. Reversing the transaction is often impossible, leaving victims with significant financial loss and limited recourse.
Even experienced investors can find it challenging to identify the pitfalls. That’s why it’s so important to pause and seek independent advice before making any decisions about your superannuation.
How To Protect Yourself
The good news is that protecting your superannuation from scams doesn’t need to be complicated. Here are some straightforward steps you can take to keep your nest egg safe:
- Don’t rush decisions: Scammers rely on urgency. Take your time when reviewing offers or opportunities related to your super. A genuine adviser will give you the space to think and research.
- Hang up on pressure: If you feel uncomfortable or pressured, end the call immediately. Legitimate financial professionals won’t insist on immediate action.
- Verify credentials: Always check whether a person or company giving financial advice is licensed by ASIC. You can search for authorised advisers or businesses through the ASIC Financial Advisers Register or AFS Licencee Register.
- Do your own research: Before making any changes, use trusted resources such as ASIC’s Moneysmart website to learn about your options and compare superannuation funds.
- Seek independent advice: Talk to your accountant or a licensed financial adviser – someone who understands your personal situation and is not connected to the sales pitch. At Wilson Pateras, our advisers can review the offer, explain the risks, and help you make informed decisions about your super.
- Stay cautious online: Avoid clicking on pop-up ads or social media links offering “free super reviews”. Scammers frequently use these to collect personal or financial information.
- Monitor your super regularly: Log into your myGov account or your super fund’s online portal to keep track of your balances and ensure no unauthorised transactions have taken place.
What To Do if You Suspect A Scam
If you believe you’ve been targeted by a scam, act quickly:
- Stop all communication with the suspected scammer;
- Contact your superannuation fund immediately to freeze or review any pending transactions;
- Report the matter to Scamwatch (operated by the ACCC) and ASIC; and
- Consider contacting IDCARE, Australia’s national identity and cyber support service, if your personal details have been shared.
Prompt action can sometimes limit danger or prevent further loss.
Wilson Pateras And Protecting Your Superannuation
Your superannuation represents years of dedication and hard work – and once lost to a scam, it can be extremely difficult to recover. While there are legitimate reasons to switch or consider super funds, these decisions should only be made after receiving qualified advice from a licensed financial professional.
Staying informed, checking credentials, and seeking independent guidance are your best defences against financial fraud.
At Wilson Pateras, we understand that protecting your super is about more than avoiding scams – it’s about preserving your long-term financial security. Our team can help you verify superannuation opportunities, assess the risks and ensure your decisions align with your broader financial goals.
Get in touch with our team if you’re even unsure about an offer or a call you’ve received regarding your superannuation – a short conversation with us could prevent a costly mistake tomorrow.
Wilson Pateras Accounting Pty Ltd is a related entity of Wilson Pateras Lending and Finance (VIC) Pty Ltd and Wilson Pateras Financial Planning Pty Ltd (Wilson Pateras Group). Where you are referred to a related entity by your adviser and take up lending or financial services, your adviser and the directors and shareholders of the Wilson Pateras Group do not receive any direct remuneration or benefit as a result of these referrals but may be entitled to profits as part of their ownership in each entity. You are free to engage your own preferred professional service providers should you prefer
This content has been prepared by Wilson Pateras to further our commitment to proactive services and advice for our clients, by providing current information and events. Any advice is of a general nature only and does not take into account your personal objectives or financial situation. Before making any decision, you should consider your particular circumstances and whether the information is suitable to your needs including by seeking professional advice. You should also read any relevant disclosure documents. Whilst every effort has been made to verify the accuracy of this information, Wilson Pateras, its officers, employees and agents disclaim all liability, to the extent permissible by law, for any error, inaccuracy in, or omission from, the information contained above including any loss or damage suffered by any person directly or indirectly through relying on this information. Liability limited by a scheme approved under Professional Standards Legislation.