For many Australians, superannuation is likely to be one of their most important assets. Built up over many years with the aim to provide an income for retirement, large sums of money can accumulate in superannuation accounts. As more Australians gain access to their retirement savings over the next decade, super has become an increasing target for fraud and scams. Understanding the threats and knowing how to protect yourself and your superannuation is essential for your financial future.
Financial loss as a result of fraud and scams is a growing problem. With the ACCC’s National Anti-Scam Centre noting Australians lost $2.18 billion to scams in 2025, it's important to be vigilant. Losing your super to a scam or fraud can have a devastating impact on your retirement plans.
Protect yourself from being scammed
A scam is a scheme designed to deceive you into providing money or your financial or personal information. These schemes are often very organised and sophisticated, with scammers using various tactics to try and access your superannuation or other savings. Being aware of the common signs of a scam is the first step in protecting yourself.
Common signs of scams:
- Promises of easy money: Scammers often say it will be easy to access your super and that you can use the money for anything you want, such as paying off debts or going on a holiday.
- Cold calls: Be cautious of unsolicited calls about your super.
- High-pressure tactics: Scammers may pressure you to act fast, so you don't have time to process the information or seek a second opinion.
- Promises of high returns: If an investment opportunity sounds too good to be true, it probably is.
- Email address discrepancies: Be wary of emails that appear to be from a legitimate company but have an unusual or unofficial email address.
- Use of existing ABNs and AFSLs: Scammers may fraudulently use the Australian Business Number (ABN) or Australian Financial Services Licence (AFSL) of a legitimate company to appear genuine.
- Requests for remote access or to click links: Never give a stranger remote access to your computer or click on suspicious links in emails or messages.
- Requests for personal information: Be suspicious of anyone asking for your login details, account information, or identity documents. Your super fund will never ask for your password.
To learn more, refer to our guide How to avoid scams in Australia: your reference guide
Common super fraud and scams to watch out for
Here are some examples of how scammers have targeted people’s retirement savings.
Electronically rolling over your superannuation to another fund
An emerging fraud scheme involves the use of the industry’s SuperStream system. SuperStream enables superannuation benefits to be transferred electronically (known as a rollover) between super funds, at the account holder’s request.
These schemes may involve the fraudster stealing a person's identity documents through external data breaches or phishing scams, and opening a seemingly legitimate account with another superannuation fund. They then use the SuperStream system to seamlessly ‘roll over’ the victim's retirement savings into this new account, before withdrawing the money in cash or requesting a further rollover to a self-managed super fund (discussed further below).
Case study: The rollover fraud in action
Sally is aged 66 and holds her superannuation with a major Australian fund. She unwittingly clicked on a sophisticated phishing link in an email, allowing fraudsters to gain remote access to her computer and steal digital copies of her driver's licence, passport and Medicare card.
Armed with Sally's identity, the fraudsters opened a new super account in her name at a different fund. They then initiated a SuperStream rollover request, instructing her original fund to transfer her entire balance to the new account. Because Sally is over 65, she has unrestricted access to her super, so the fraudsters were then able to easily withdraw the funds.
Encouraging you to open a self-managed super fund
Another common scam may involve encouraging you to set up a self-managed super fund (SMSF).
SMSFs are particularly attractive to scammers because the individual members of the SMSF are personally responsible for the fund’s compliance and security. They generally don’t have the same professional oversight and fraud protections provided by traditional APRA-regulated super funds.
Typically, a scammer may offer to help you set up an SMSF and then advise you to roll over your super from your current fund. Once the money is in the SMSF, the scammer may convince you to transfer the money to other accounts or ‘invest’ in a fraudulent or high-risk product.
Encouraging you to access your super early
Your superannuation is generally not accessible until you have met a ‘condition of release’, such as reaching preservation age and retiring. However, scammers may tell you they can help you withdraw your super early, usually in exchange for a fee. This may include offering to assist you with withdrawal paperwork or requesting your personal details to withdraw funds on your behalf. These schemes are illegal and can have serious financial consequences.
If you illegally access your super, you could face significant penalties from the Australian Taxation Office (ATO), including having the withdrawn amount taxed at a higher rate. For more information on the rules around accessing your super and the risks of illegal early access schemes, visit our website, the ATO or Moneysmart website.
What to do to protect yourself
Securing your super account requires a proactive approach to your personal and digital security. Keep the following best practices in mind to safeguard your account:
- Password safety: Use strong, unique passwords for your online super account and enable multi-factor authentication (MFA) if available.
- Check your balance and contact details: Regularly check your super account to ensure your balance is correct and your contact details are up to date.
- Understand super rules: Be aware of the rules around accessing your super.
- Verify who you’re talking to: If you’re unsure about the legitimacy of a person or company, check the Moneysmart website for a list of licensed financial advisers.
By staying informed and being vigilant, you can help protect your retirement savings from fraud and scams.
See here for the latest trends in scams
What to do if you’ve been scammed
If you think you’ve been the victim of a superannuation scam, it’s crucial to act quickly. You should immediately report the incident to your super fund. You can contact Macquarie's fraud team directly via our Security and fraud page.
You should also report the incident to Scamwatch and contact the ATO on 13 10 20.
