In the golden years of retirement, the last thing any senior wants is to fall victim to a scam, especially when it involves their hard-earned superannuation. Superannuation, or 'super', is a crucial part of retirement planning for Australians, designed to provide financial security when the working days are over. With a staggering $3.9 trillion in super funds, according to The Association of Superannuation Funds of Australia (ASFA), it's no wonder that this pot of gold has become a prime target for scammers.

The threat is real and growing, with Australians reporting over 601,000 scam incidents last year—an 18.5% increase from the previous year. While the total reported losses have seen a 13.1% decline, the figure still hovers around a jaw-dropping $2.74 billion. It's clear that understanding super scams and knowing how to avoid them is more important than ever.


Super scams come in various forms, but they all have one goal: to defraud you of your retirement savings. Scammers might contact you by phone, email, social media, or even through post, posing as representatives from government departments or legitimate businesses. They're after your personal information—passwords, birth dates, account details—and they're incredibly convincing.


One common tactic is to send an email or text that appears to be from a trusted source and ask you to click on a link. This action can download malware onto your device, giving scammers access to your personal information and, ultimately, your super account.


The former deputy chair of the ACCC, Delia Rickard, advises never to follow hyperlinks to reach important websites like myGov or your super fund. Instead, type the full website address into your browser to avoid falling into a trap.

So, how can you shield yourself from these superannuation scams? Here are some super scam-busting secrets to keep your wallet safe:

1. Regularly check your super balance through secure online portals or by contacting your super provider directly using a verified phone number.
2. Keep your personal and contact details up-to-date with your super fund.
3. Secure your mailbox to prevent mail theft and shred sensitive documents before disposal.
4. Be cautious about the personal information you share online, including on social media.
5. Never give out personal information to unsolicited callers or emailers. Verify their identity by contacting the institution they claim to represent.
6. Monitor your bank and super statements for any unusual activity.
7. Use strong, unique passwords for your online accounts and never share them.
8. Stay informed with the latest scam prevention advice from credible sources like government regulators.


If you receive a suspicious call, take your time, don't be pressured, and hang up if necessary. Verify the caller by independently searching for the organisation's contact details. For emails, texts, or social media messages, look for signs of fraud like poor spelling or grammar, and never click on links asking for personal details.

In the unfortunate event that you suspect you've been scammed, act quickly. Contact your super fund, alert your financial institutions, and report the scam to authorities like ASIC and the ACCC's Scamwatch. Remember, support is available through organisations like Lifeline and Beyond Blue if you need it.

Scams can take many forms, from early release of funds scams to identity theft, investment fraud, extortion threats, and even 'dating' scams. It's essential to be vigilant and sceptical, especially when offers seem too good to be true.

For more advice on protecting yourself from scams, consult with your super fund or visit government websites for resources. And remember, Canstar is here to help with a wealth of information on financial matters, including superannuation.
Your retirement savings are your ticket to a comfortable and secure future. Don't let scammers take that away from you. Stay alert, stay informed, and protect your wallet with these super scam-busting secrets.