Protecting Your Superannuation from Scammers
For Australian’s who have retired or reached age 60, you are more vulnerable for your superannuation to be targeted by scammers as there are less obstacles to access your superannuation from retirement, and retirees have the larger account balances.
In Australia we have just over $4 Trillion in superannuation savings, making it one of the largest pool of retirement savings in the world, just behind UK, Canada and the US, so it makes irresistible for scammers.
In this presentation, I will explain what learnings we can take from the recent cyber-attacks on superannuation and fraudulent contact from scammers and also look what you can do reduce the risk of scammers attacking your superannuation.
The Australian superannuation system has always been considered a relatively secure place for your savings, due to the strict rules for accessing your money from retirement or the limited compassionate grounds to release money prior to age 60. Any money withdrawn still needs to flow through the Australian banking system which have other layers of fraud detection.
However, as we evolve in the digital age, so do the tactics of scammers seeking to exploit the vulnerability of others, particularly seniors.
Back in April 2025, there was a coordinated cyber-attack on well-established superannuation funds like Australian Super, Rest and Australian Retirement Trust. Scammers are believed to have access to stolen passwords and in the case of Australian Super, there were some 600 member accounts accessed online and approximately $500,000 in total stolen from 4 member’s accounts.
So what can you do to keep your online access safe?
- Multi-factor authentication – The most important piece of security for your superannuation is multi-factor authentication, which sends a notification to your device, for you to confirm or deny, with every login attempt.
The additional form of verification can come through a text message, email or mobile app, and very easy to setup.
This may be an inconvenience to delay logging in to your account, but it’s an extra layer of security that will help to ward off hackers that may have access to your password, but unable to access your account.
- Update your password – It’s a good idea to update your password at least once a year, and avoid using the same password for multiple accounts. By using a long and unique password, you can help ward off the threat of scammers.
- Regularly check your balance – Australian’s typically don’t check their superannuation balance as regularly as they would their bank savings, which makes another reason why scammers would target superannuation. Therefore, at any age it’s important to having easy access to check your superannuation transaction at regular intervals.
- Update your contact details – it’s also a good idea to make sure your superannuation fund has your most up-to-date mobile number, email or postal address. This will help them contact you if there’s any suspicious activity on your account.
Unsolicited contact
I also want talk about unsolicited contact from scammers who may target you online, by phone or email. Some types of contact to trigger a red flag may include:
- Impersonation scams, where scammers pose as someone from your superannuation fund, financial advice office or the ATO, to ask for personal information. You should be wary of any unexpected contact from someone seeking personal information or your immediate action.
- Another Red Flag is a promise of high investment returns compared to your superannuation funds returns. We have seen recent media reports and ASIC warnings for pushy salespeople to move your retirement savings for promises of unrealistic returns and to supercharge your retirement wealth. Usually if an offer is too good to be true, it ussually is.
Always be sceptical of promises of high returns or unrealistic get rich quick schemes. Consult with a licensed financial advisor before making any changes to your superannuation fund investments.
- High pressure tactics are used by fraudsters to create a sense of urgency, that if you don’t act you may miss an investment opportunity, pay more tax or receive a penalty. It’s important to note that genuine organisations will never rush you to make a decision. If you are unsure or are feeling pressured, just hang up
- Fake websites and documents are often used by scammers that may resemble a legitimate superannuation fund, to give the impression of authenticity.
If you have any concerns for the person contacting you may be an impersonator, contact your superannuation fund directly via information you have sourced yourself, as the details you’ve been given may be fake.
To check if someone is a licenced financial adviser you can visit Moneysmart’s Financial Adviser Register to check their credentials. A scammer will not have a valid licence to provide financial advice or manage superannuation funds.
Lastly, if you’re not sure about something, talk to a person you trust before going ahead. This could be a family member, your financial adviser, or your superannuation fund. If you think you’ve been targeted by someone who is trying to access your super, report it to:
- Your super fund
- Scamwatch.gov.au
- Australian Taxation Office
Shaun Jones MAppFin (FP)
Financial Planner at About Retirement
