With more than $4 trillion in superannuation, it’s no surprise scammers see it as a goldmine. ASIC has warned Australians to be on high alert after a rise in pushy sales tactics and false promises designed to lure people into risky super switches.

Since your super is one of the biggest investments you’ll ever make, protecting it is crucial. Here’s what you need to know to keep your nest egg safe.

 

Why scammers target super

Superannuation accounts often hold large balances, which makes them a prime target. Fraudsters know that many people don’t regularly check their super fund or may feel uncertain about whether they’re getting the best deal. This makes them vulnerable to slick sales pitches that promise “better returns” or “lost super recovery.”

ASIC has noticed a rise in schemes where consumers are encouraged to switch super funds quickly, often through high-pressure phone calls, clickbait advertising, or “free” online super health checks.

 

The red flags to look out for

Not every call or offer about super is a scam, but there are some big warning signs to watch out for:

• High-pressure tactics – being told to act immediately. Genuine super opportunities don’t vanish overnight.
• Unsolicited contact – cold calls, emails, or messages from unknown providers.
• “Free” offers – super health checks or prizes promoted online.
• Lost super recovery scams – often used as bait. (Tip: you can safely track down lost super yourself via the ATO.)
• Unlicensed advisers – people offering financial advice without proper authorisation.
• Phone-based dealings – with little or no opportunity to meet a qualified financial adviser in person.
• Too-good-to-be-true returns – if it sounds too good to be true, it probably is.

 

Why these tactics are dangerous

These schemes don’t always look like traditional scams. In fact, they often feel legitimate. A salesperson may sound knowledgeable, polite, and genuinely interested in helping you. Some even refer you to an adviser during the call to make the process seem credible.

The catch? The investments may be complex, high risk, or poorly explained. Even experienced investors can find it hard to spot the pitfalls. Once you’ve switched your super, it can be very difficult and sometimes impossible to reverse the decision.

A salesman may sound knowledgeable, polite, and genuinely interested in helping you. Some even refer you to an adviser during a call to make the process seem credible.

 

How to protect yourself

Here are a few simple steps you can take to keep your retirement savings safe:

1. Take your time – don’t rush decisions about your super.
2. End pressure calls – hang up if you feel pushed or uncomfortable.
3. Check credentials – ensure anyone giving financial advice is licensed with ASIC.
4. Do your homework – use trusted sources like ASIC’s MoneySmart website to learn about your options.
5. Seek independent advice – talk to a licensed financial adviser who understands your situation.
6. Stay safe online – avoid clicking on random ads or pop-ups offering “free” super reviews.

 

Conclusion

Switching or consolidating super can offer benefits, but only after careful consideration of the risks, fees, and long-term impact. Make sure any decision is yours—not driven by pressure or sales tactics.

Disclaimer: This article is general in nature and not financial advice. For personalised guidance on superannuation, speak with a licensed financial adviser.