When cybercriminals breached AustralianSuper accounts earlier this year, targeting around 600 members and successfully stealing $500,000 from 10 of them, it marked a chilling escalation in the battle for Australia's retirement savings. But this wasn't an isolated incident—it was part of a sophisticated campaign targeting the very people who can least afford to lose their nest eggs.
Australian seniors lost $99.6 million to scammers in 2024, making them the highest-loss age group despite overall scam losses dropping across the country. With $3.9 trillion tucked away in superannuation funds, it's no wonder criminals are setting their sights on retirement savings with increasing boldness and cunning.
In this article
The Alarming Reality of Today's Super Scam Landscape
The numbers paint a stark picture of an escalating crisis. Aware Super reported a staggering 208 per cent increase in attempted financial crime targeting their members over just six months, while major funds across the country are experiencing similar surges in criminal activity.
Several of the largest super funds have been targeted in cyber attacks throughout 2025, with Australian Retirement Trust detecting unusual logins and Hostplus preventing breaches through early detection systems. These aren't random attempts—they're coordinated, sophisticated operations designed to exploit both technological vulnerabilities and human psychology.
'The initial salespeople can be very persuasive, often the underlying schemes are complex or not made clear to the consumer'
Despite the grim statistics, there's a glimmer of hope. Overall scam losses reported to key organisations fell by 25.9 per cent to $2 billion in 2024, showing that awareness campaigns and improved security measures are having an impact. However, the persistence of high losses among seniors suggests more targeted protection is needed for this vulnerable group.
How Modern Super Scams Actually Work
Today's superannuation scammers have moved far beyond crude email phishing attempts. They use high-pressure sales tactics, exaggerated claims, emotional manipulation, and create a false sense of urgency to switch your super fund. The sophistication is remarkable—and terrifying.
The Cold Call Trap
Cold callers offer a free review of your superannuation, convincing you that your existing super fund is underperforming. They're not pushy in the traditional sense that might trigger your scam alarm. Instead, they position themselves as helpful experts genuinely concerned about your financial wellbeing.
The caller will seemingly have your best interests at heart, saying they want to help you find a better super product or locate lost super for free, and may involve referrals to financial advisers during the call to create a sense of comfort and legitimacy.
Common Super Scam Opening Lines
'We're calling about your underperforming super fund'
'There's been a change to super rules that affects you'
'We can help you find lost super for free'
'Your current fund charges excessive fees'
'We represent multiple top-performing funds'
The SMSF Deception
One increasingly common tactic involves scammers offering to help you 'control' your super by establishing a Self-Managed Super Fund (SMSF) and transferring your super into it, then offering to grow your super by investing with them in fake high return investments.
Eventually, they convince you to transfer your super into a SMSF or bank account that they control. By this point, your life savings have effectively been handed over to criminals who may disappear entirely or string you along with fake investment updates.
The Terrifying Evolution: AI-Powered Voice Scams
Perhaps most alarming is the emergence of artificial intelligence in scam operations. Scammers are now experimenting with voice cloning components, using short audio clips to impersonate an individual's voice, and can now call you using what sounds exactly like your child's voice, creating an emotional urgency that's hard to resist.
This isn't science fiction—it's happening right now. Scammers can create convincing voice clones from just a few seconds of audio found on your social media posts or voicemail messages. The emotional manipulation potential is enormous, particularly when targeting seniors who may be more trusting of familiar voices.
The Cruel Second Scam: Targeting Previous Victims
Adding insult to injury, criminals are now systematically targeting people who've already been scammed. Between December 2023 and May 2024, Scamwatch received 158 reports of recovery scams with total losses of over $2.9 million, with the number of reports increasing by 129 per cent.
Victims of previous scams are easily identified by criminals who commonly keep and sell information about individuals they have exploited. These 'recovery' scammers contact previous victims, claiming they can help retrieve their lost money—for an upfront fee, naturally.
Australians aged 65 and older were the largest reporting group and suffered the highest average losses from these cruel schemes that prey on people who have already been victims and hope to get their money back.
Did you know?
Did you know?
Recovery scammers often have detailed knowledge of your original scam, including specific amounts lost and the scammer's tactics. This inside knowledge makes their 'help' seem genuine, but it's actually information sold on criminal marketplaces.
What Legitimate Super Switching Looks Like
Understanding proper superannuation management helps you spot the scammers. Legitimate super advice and switching involves:
- Licensed financial advisers with verifiable credentials on ASIC's Professional Registers
- No pressure to make immediate decisions
- Written advice and disclosure documents
- Time to consider and seek independent opinions
- Transparent fee structures
- No requests for passwords or direct account access
There can be benefits to switching and consolidating your super, but that should only happen after careful consideration of the potential risk, and consumers should get advice from someone independent of a sales call.
What This Means For You
- If someone contacts you about your super, ask yourself: Did I request this contact?
- Are they pressing for quick decisions? Are they asking for personal information or passwords?
- Can I verify their credentials independently? If any of these raises concerns, it's better to end the conversation and contact your super fund directly.
Red Flags That Should Send You Running
The initial salespeople can be very persuasive, often the underlying schemes are complex or not made clear to the consumer, and it may be very difficult for even experienced investors to spot problems. Once you start on the path it can be hard to get off, and these calls don't have the hallmarks of a typical scam.
Watch for these warning signs:
- Unsolicited contact about your super performance
- Promises of returns significantly higher than market rates
- Pressure to make decisions quickly
- Requests for personal information or account access
- Complex investment structures that aren't clearly explained
- Referrals to 'financial advisers' during the initial call
- Claims about changes to super rules that create urgency
The Industry Perspective: Are Super Funds Actually Safe?
Interestingly, the superannuation industry maintains that actual successful super scams remain relatively rare. Last year, of the 11,000 instances of scam complaints received by the Australian Financial Complaints Authority, there were fewer than 20 superannuation-related transactions (0.18 per cent), with industry body ASFA noting that 'superannuation funds are actually some of the safest places in the country to have your money'.
Unlike banks or other financial institutions, superannuation funds are unique because an individual's money is held in a trust and is preserved and protected until that individual reaches retirement age or meets a condition of release.
This suggests that while scam attempts are increasing dramatically, the actual success rate remains low—a testament to both improved security measures and growing awareness among consumers.
What to Do If You've Been Targeted
If you suspect you've been the target of a super scam, act quickly:
- Don't panic, but do act fast - Call your bank, online payment platform or financial institution immediately and inform them that you suspect your account has been compromised, and follow their guidance on securing your account and freezing any affected accounts or cards
- Contact your super fund directly - Use the phone number from your official statements, not any number provided by the scammer
- Report the scam - Contact ASIC, Scamwatch, and your local police
- Protect your identity - Consider placing alerts on your credit files and monitoring for unusual activity
- Seek support - Contact IDCARE on 1800 595 160 for free identity and cyber support
Your Super Scam Protection Plan
- Never give personal information to unsolicited callers
- Verify any claims about super rule changes through official sources
- Take time to consider any switching advice—legitimate opportunities won't disappear overnight
- Use ASIC's Professional Registers to check adviser credentials
- Trust your instincts—if something feels wrong, it probably is
Government Steps Up the Fight
The Australian Government isn't sitting idle. In February 2025, Federal Parliament passed legislation introducing a new Scam Prevention Framework designed to combat scam activity through a new regulatory toolkit that imposes obligations on businesses in telecommunications, digital platforms, and banking sectors.
ASIC has been particularly active, removing over 10,000 scam and phishing websites, including 7,227 fake investment platform scams, 1,564 phishing scam hyperlinks and 1,257 cryptocurrency investment scams.
However, super funds weren't included in the government's initial framework, and consumer groups are calling for equal protection across all financial institutions, including super funds.
Building Community Defence
The fight against super scams isn't just up to government and fund managers—it requires community vigilance. One conversation could prevent someone you care about from becoming a victim.
Talk to older family members and friends about these risks. Share this information. Help them understand that hanging up on suspicious calls isn't rude—it's smart. Hearing from real scam victims about how scammers manipulated them can help others learn how to spot and avoid scams.
Consider setting up regular check-ins with vulnerable relatives about any unusual financial contacts they've received. Often, scammers work on their victims over weeks or months, and early intervention can prevent devastating losses.
The Path Forward
While the statistics around super scams targeting seniors remain deeply concerning, there are reasons for cautious optimism. Awareness is growing, security measures are improving, and government action is increasing.
The key is staying informed, staying vigilant, and remembering that your superannuation is designed to last your entire retirement. Anyone pressuring you to make quick decisions about your life savings doesn't have your best interests at heart.
Example Scenario
- Margaret's Story: A Close Call—Margaret, 68, received a call from someone claiming to represent a comparison service. They knew her fund name and approximate balance. They offered a free super 'health check' and mentioned several funds with better returns. Margaret asked for written information and said she'd call back. When she hung up and called her actual super fund, they confirmed no legitimate comparison service had her details. By taking time to verify, Margaret avoided what would likely have been a costly scam.
What This Means For You
Remember: your super fund won't cold-call you about switching. Government agencies won't demand immediate payments over the phone. And if someone's offering returns that seem too good to be true—especially with your retirement savings—they probably are.
Original Article
https://www.thesenior.com.au/story/...-fund-scams-promising-more-financial-returns/
Protecting your super from cyber attacks and scams
Cited text: AustralianSuper: Around 600 accounts were hacked through stolen passwords, resulting in 10 members losing a total of $500,000.
Excerpt: AustralianSuper accounts earlier this year, targeting around 600 members and successfully stealing $500,000 from 10 of them
https://www.superguide.com.au/how-super-works/super-scams
Scammers' $99.6 million target: Why Australian seniors are in the crosshairs | YourLifeChoices
Cited text: Those aged 65 and over continue to report the highest losses of any aged group at $99.6 million in 2024, despite overall scam losses dropping across o...
Excerpt: Australian seniors lost $99.6 million to scammers in 2024
https://www.yourlifechoices.com.au/technology/seniors-scam-target-mygov-security/
Australians better protected as reported scam losses fell by almost 26 per cent | National Anti-Scam Centre
Cited text: · Those aged 65 and over continue to report the highest losses of any aged group at $99.6 million in 2024, a 17.6 per cent drop since 2023.
Excerpt: Australian seniors lost $99.6 million to scammers in 2024
https://www.nasc.gov.au/news/austra...ported-scam-losses-fell-by-almost-26-per-cent
Superannuation Scams: How to Avoid Them | Canstar
Cited text: Australians have around $3.9 trillion dollars tucked away in super funds, according to The Association of Superannuation Funds of Australia (ASFA).
Excerpt: $3.9 trillion tucked away in superannuation funds
https://www.canstar.com.au/superannuation/superannuation-scams/
Financial crimes at all-time high targeting superannuation holders in Australia
Cited text: New data from Aware Super has identified a 208 per cent increase in a six-month period in attempted financial crime targeting the fund’s members, with...
Excerpt: Aware Super reported a staggering 208 per cent increase in attempted financial crime targeting their members over just six months
https://aware.com.au/member/about-u...targeting-superannuation-holders-in-australia
Protecting your super from cyber attacks and scams
Cited text: Several of the largest super funds have been targeted in cyber attacks so far in 2025.
Excerpt: Several of the largest super funds have been targeted in cyber attacks throughout 2025, with Australian Retirement Trust detecting unusual logins and Hostplus preventing breaches through early detection systems
https://www.superguide.com.au/how-super-works/super-scams
Protecting your super from cyber attacks and scams
Cited text: Hostplus: Early detection of suspicious login attempts allowed Hostplus to prevent any breaches with its multi-layered security system.
Excerpt: Several of the largest super funds have been targeted in cyber attacks throughout 2025, with Australian Retirement Trust detecting unusual logins and Hostplus preventing breaches through early detection systems
https://www.superguide.com.au/how-super-works/super-scams
Australians better protected as reported scam losses fell by almost 26 per cent | National Anti-Scam Centre
Cited text: The National Anti-Scam Centre’s latest Targeting Scams Report found scam losses reported to key organisations fell by 25.9 per cent to $2 billion in 2...
Excerpt: Overall scam losses reported to key organisations fell by 25.9 per cent to $2 billion in 2024
https://www.nasc.gov.au/news/austra...ported-scam-losses-fell-by-almost-26-per-cent
Scam alerts | AustralianSuper
Cited text: They use high-pressure sales tactics, exaggerated claims, emotional manipulation, and create a false sense of urgency to switch your super fund.
Excerpt: They use high-pressure sales tactics, exaggerated claims, emotional manipulation, and create a false sense of urgency to switch your super fund
https://www.australiansuper.com/superannuation/scam-alert
Scam alerts | AustralianSuper
Cited text: They use high-pressure sales tactics, exaggerated claims, emotional manipulation, and create a false sense of urgency to switch your super fund.
Excerpt: They use high-pressure sales tactics, exaggerated claims, emotional manipulation, and create a false sense of urgency to switch your super fund
https://www.australiansuper.com/superannuation/scam-alert
Scam alerts | AustralianSuper
Cited text: Cold callers may offer a free review of your superannuation, convincing you that your existing super fund is underperforming.
Excerpt: Cold callers offer a free review of your superannuation, convincing you that your existing super fund is underperforming
https://www.australiansuper.com/superannuation/scam-alert
Previous Scam Victims Now Being Targeted by Financial Recovery Scams—Consumers' Federation of Australia
Cited text: The number of reports increased by 129 per cent when compared to the six months prior, however financial losses decreased by 29 per cent from $4.1 mil...
Excerpt: The caller will seemingly have your best interests at heart, saying they want to help you find a better super product or locate lost super for free, and may involve referrals to financial advisers during the call to create a sense of…
https://consumersfederation.org.au/...w-being-targeted-by-financial-recovery-scams/
Superannuation scams—Moneysmart.gov.au
Cited text: A scammer offers to help you ‘control’ your super by establishing a SMSF and transferring your super into it. They may: offer to help grow your super ...
Excerpt: scammers offering to help you 'control' your super by establishing a Self-Managed Super Fund (SMSF) and transferring your super into it, then offering to grow your super by investing with them in fake high return investments
https://moneysmart.gov.au/financial-scams/superannuation-scams
Superannuation scams—Moneysmart.gov.au
Cited text: Eventually, they convince you to transfer your super into a SMSF or bank account that they control.
Excerpt: Eventually, they convince you to transfer your super into a SMSF or bank account that they control
https://moneysmart.gov.au/financial-scams/superannuation-scams
Scammers' $99.6 million target: Why Australian seniors are in the crosshairs | YourLifeChoices
Cited text: Now, scammers are experimenting with voice cloning components, using short audio clips to impersonate an individual's voice. They can now call you usi...
Excerpt: Scammers are now experimenting with voice cloning components, using short audio clips to impersonate an individual's voice, and can now call you using what sounds exactly like your child's voice, creating an emotional urgency that's hard…
https://www.yourlifechoices.com.au/technology/seniors-scam-target-mygov-security/
Scammers' $99.6 million target: Why Australian seniors are in the crosshairs | YourLifeChoices
Cited text: Scammers can now create convincing voice clones from just a few seconds of audio found on your social media posts or voicemail messages. Consider maki...
Excerpt: Scammers can create convincing voice clones from just a few seconds of audio found on your social media posts or voicemail messages
https://www.yourlifechoices.com.au/technology/seniors-scam-target-mygov-security/
Top Crypto Recovery Services in 2025: How Victims Are Fighting Back Against Scams and Losses | 01
Cited text: In 2024 alone, CRC helped recover more than $630 million, boasting a 95 per cent success rate across thousands of client cases.
Excerpt: Between December 2023 and May 2024, Scamwatch received 158 reports of recovery scams with total losses of over $2.9 million, with the number of reports increasing by 129 per cent
https://vocal.media/01/top-crypto-r...ms-are-fighting-back-against-scams-and-losses
Tell Your Story—For Scam Survivors—Safe & Anonymous—2025
Cited text: Do It Here Safe & Anonymous For Scam Victims, the Need to Tell Their Stories—the Need for Acceptance is Very Real!
Excerpt: Between December 2023 and May 2024, Scamwatch received 158 reports of recovery scams with total losses of over $2.9 million, with the number of reports increasing by 129 per cent
https://scamvictimssupport.org/tell-your-story-for-scam-survivors-2024/
Tell Your Story—For Scam Survivors—Safe & Anonymous—2025
Cited text: When Scam Victims tell their Stories they Seek
Excerpt: Victims of previous scams are easily identified by criminals who commonly keep and sell information about individuals they have exploited
https://scamvictimssupport.org/tell-your-story-for-scam-survivors-2024/
Tell Your Story—For Scam Survivors—Safe & Anonymous—2025
Cited text: Telling your story helps you to recover!
Excerpt: Australians aged 65 and older were the largest reporting group and suffered the highest average losses from these cruel schemes that prey on people who have already been victims and hope to get their money back
https://scamvictimssupport.org/tell-your-story-for-scam-survivors-2024/
Tell Your Story—For Scam Survivors—Safe & Anonymous—2025
Cited text: Your narrative can directly contribute to preventing others from falling into the same traps.
Excerpt: Australians aged 65 and older were the largest reporting group and suffered the highest average losses from these cruel schemes that prey on people who have already been victims and hope to get their money back
https://scamvictimssupport.org/tell-your-story-for-scam-survivors-2024/
Previous Scam Victims Now Being Targeted by Financial Recovery Scams—Consumers' Federation of Australia
Cited text: Above is a media release from the ACCC dated 09/07/2024. The original media release can be found on the ACCC’s website here.
Excerpt: There can be benefits to switching and consolidating your super, but that should only happen after careful consideration of the potential risk, and consumers should get advice from someone independent of a sales call
https://consumersfederation.org.au/...w-being-targeted-by-financial-recovery-scams/
Previous Scam Victims Now Being Targeted by Financial Recovery Scams—Consumers' Federation of Australia
Cited text: 27 May—3 June, #NRW2025 Reconciliation.org.au ·Reports that involve a money recovery element are on the rise. Between December 2023 and May 2024, Sc...
Excerpt: The initial salespeople can be very persuasive, often the underlying schemes are complex or not made clear to the consumer, and it may be very difficult for even experienced investors to spot problems.
https://consumersfederation.org.au/...w-being-targeted-by-financial-recovery-scams/
Superannuation peak body calls for facts over fear on rare super scams—ASFA
Cited text: It’s important to know the facts: Last year, of the 11,000 instances of scams complaints received by the Australian Financial Complaints Authority (AF...
Excerpt: Last year, of the 11,000 instances of scam complaints received by the Australian Financial Complaints Authority, there were fewer than 20 superannuation-related transactions (0…
https://www.superannuation.asn.au/m...alls-for-facts-over-fear-on-rare-super-scams/
Superannuation peak body calls for facts over fear on rare super scams—ASFA
Cited text: “Unlike banks or other financial institutions, our superannuation funds are unique because an individual’s money is held in a trust and is preserved a...
Excerpt: Unlike banks or other financial institutions, superannuation funds are unique because an individual's money is held in a trust and is preserved and protected until that individual reaches retirement age or meets a condition of release
https://www.superannuation.asn.au/m...alls-for-facts-over-fear-on-rare-super-scams/
Scammers' $99.6 million target: Why Australian seniors are in the crosshairs | YourLifeChoices
Cited text: If you suspect you've been targeted: Call your bank, online payment platform or financial institution immediately and inform them that you suspect you...
Excerpt: Call your bank, online payment platform or financial institution immediately and inform them that you suspect your account has been compromised, and follow their guidance on securing your account and freezing any affected accounts or cards
https://www.yourlifechoices.com.au/technology/seniors-scam-target-mygov-security/
Scam alert: Self-managed super fund rollover | ASIC
Cited text: Fair, strong and efficient financial system for all Australians.
Excerpt: ASIC has been particularly active, removing over 10,000 scam and phishing websites, including 7,227 fake investment platform scams, 1,564 phishing scam hyperlinks and 1,257 cryptocurrency investment scams
https://www.asic.gov.au/about-asic/.../scam-alert-self-managed-super-fund-rollover/
Protecting your super from cyber attacks and scams
Cited text: However, super funds weren’t included in the government’s framework and consumer groups are calling for equal protection across all financial institut...
Excerpt: super funds weren't included in the government's initial framework, and consumer groups are calling for equal protection across all financial institutions, including super funds
https://www.superguide.com.au/how-super-works/super-scams
Scams in Australia August 2025: the latest cybercrime trends to be aware of | TechRadar
Cited text: A type of scam that is on the rise in 2023 and 2024 is the fake job scam, where a scammer will pose as an employer of a business eager to hire you, bu...
Excerpt: One conversation could prevent someone you care about from becoming a victim
https://www.techradar.com/computing/cyber-security/scams-in-australia
Scams in Australia August 2025: the latest cybercrime trends to be aware of | TechRadar
Cited text: Use security software on your mobile devices: It's a good idea to have security software across all of your tech to best protect yourself from scams, ...
Excerpt: Hearing from real scam victims about how scammers manipulated them can help others learn how to spot and avoid scams
https://www.techradar.com/computing/cyber-security/scams-in-australia
What experiences have you had with suspicious super-related calls or approaches? Have you noticed any of these red flags in contacts you've received? Share your experiences in the comments below to help protect fellow seniors from these increasingly sophisticated scams.
Seniors Discount Club
Latest Articles
-
-
-
A warm, wet spring means more mozzies. How to protect yourself from the diseases they spread
- Started by The Conversation
- Replies: 0
-
New Zealand's cheeky challenge: 'Count your wildlife, Australia—it's your move'
- Started by Gian T
- Replies: 0
-
Fatima Payman’s latest Senate speech has young and old talking…and confused
- Started by Maan
- Replies: 3
.png){kind=icon}
