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Superannuation scams

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Learn how to spot and avoid super scams.

Spot the signs of a super scam

A scammer may try to get your super, personal details or login information. They may offer to help you access your super, move it into a self-managed super fund (SMSF), or invest it for you. 

They target super because many Australians have large amounts of money in their super accounts. 

Scammers may contact you online, by phone, text or email. They often use social media, websites and online ads to look genuine. Some build trust over time before asking for your details or money.

Here are some ways a scammer may try to get your super. 

Some scammers build trust over time, including through online relationships, before encouraging people to withdraw their super or send money. Learn more about relationship scams.

Phishing scams for your personal details

A scammer may pretend to be from a bank, super fund or other financial business. They may copy a real business's AFS licence details, branding or contact information.

They ask for your personal details or account information. They may also send a link by email or text.

If you click the link, they may gain access to your device or collect your log-in details.

With this information, a scammer may:

Stolen personal information may also be used for other types of identity crime and fraud.

See more about these scams from the Australian Taxation Office (ATO).

If your personal information has been stolen, you can also get support from IDCARE.

Encourage you to open a self-managed super fund

A scammer may offer to help you set up a SMSF and move your super into it. 

They may:

Some scammers do not use pressure. Instead, they build trust over time.

Eventually, they may ask you to move your super into a SMSF or bank account they control. They can then access your money.

Offer to get access to your super early

Someone may offer a quick and easy way to access your super early, which may not meet a condition of release.

They may offer to help you complete paperwork or ask for your personal details. They may also suggest moving your super into a SMSF for a fee. 

They often say the arrangement is legal and safe.

Accessing your super outside the rules can lead to extra tax, penalties and the loss of your retirement savings. 

Read more about schemes promoting illegal early access to super. 

Encourage you to withdraw your super to invest it or give it to them

If you're eligible to access your super, a scammer may encourage you to withdraw some or all of it and invest in a supposedly high-return opportunity. 

They often use social media, online ads or professional-looking websites to make the investment appear genuine.

If it is a relationship scam, they may build trust with you over time before encouraging you to withdraw super to give to them, or to invest. 

Be cautious if someone:

Once money is sent to a scammer, it can be very difficult to recover. Learn more about investment scams.

Scams aren't the only risk to your super. Some people have lost retirement savings after being pressured into switching super funds, setting up SMSFs or investing in unsuitable products. Learn how to protect your super from pushy sales calls. 

How to protect yourself from super scams

Here are some ways to help protect yourself from super scams.

Check your balance and contact details

Log in to your super account regularly.

Look for:

If something doesn’t look right, contact your super fund straight away.

Regular checks can help you spot problems early. 

Update your account security 

If a data breach affects you, contact your super fund. If your personal information has been exposed, you can also get support from IDCARE.

If your fund offers multi-factor authentication, consider turning it on. 

Multi-factor authentication (MFA) requires more than one step to prove your identity, such as entering a code sent to your phone. It’s easy to turn on and provides an extra layer of protection for your accounts.

Make sure your super fund has your current mobile number, email and postal address. This helps them contact you if they notice suspicious activity.

Contact your superannuation fund directly 

If someone claims to represent your super fund, contact the fund directly.

Use contact details from your fund’s website, app or statement. If you’re unsure, check whether your super fund has listed its website address on ASIC’s Professional Registers Search and use those details to find the fund’s contact information.

Don’t rely on the details provided by the caller or sender. Your fund can tell you if the contact is genuine.

Know the rules about your super

Scammers often claim they can help you access your super early. 

Knowing the rules can help you spot false or misleading claims.

There are limited circumstances where you can get your super early. If you’re unsure, contact your super fund or the ATO.

Speak to someone you trust

If you’re unsure about an offer or request, talk to someone you trust before taking action. 

This could be a family member, your accountant, financial adviser, or your super fund.

A second opinion can help you identify warning signs you may have missed.

Don't deal with anyone who is not licensed

A scammer may use a fake licence or copy details from a licensed business.

Before dealing with someone who offers financial services, check their details using ASIC's Professional Registers Search.

Look carefully for small differences in names, website addresses, email addresses and contact details. If you’re unsure, contact the listed company directly.

You can also use APRA's Disqualification Register and ASIC’s Banned and Disqualified Registers to check if someone has been disqualified or banned from providing financial services.

Take steps to stop identity theft

Scammers can use your personal information to access your accounts.

To reduce the risk of identity theft:

For more tips, see identity theft.

Visit the Australian Securities and Investments Commission (ASIC) website to keep informed about investment scam alerts, including scams impersonating ASIC. The website also provides tips on how to use ASIC’s resources to help avoid scams.

How to report a super scam

If you think someone is trying to access your super, act quickly.

Report it to:

If you shared personal details, passwords or bank details, contact the relevant organisation as soon as possible. Quick action may help reduce the damage.

If the scam involved cybercrime, such as hacking, stolen login details or unauthorised access to your online accounts, you can also report it through ReportCyber.

For steps to take if you suspect a scam, see what to do if you've been scammed. 

A scammer takes Jasmine's super

Jasmine wanted to pay off her debts using the $30,000 in her super fund.

After seeing an online ad, she contacted Greg. 

Greg told her he could help her access her super. He asked her to sign documents, move her money into a SMSF, and pay a fee.

Jasmine signed the paperwork. 

A few weeks later, she still hadn't received the money Greg promised. 

The ATO later contacted her and explained that she had accessed her super early. She now had to pay extra tax and penalties.

ASIC also contacted her after receiving complaints about Greg.

Jasmine discovered that Greg was a scammer. He had withdrawn her money after gaining control of the SMSF. 

Greg was also bankrupt, making it difficult for Jasmine to recover her money.