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Superannuation Fraud: Protecting Your SMSF from Fraudsters

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July 10, 2024

In this fast-moving world, technology-oriented era, scammers become more advanced and gain new ideas to hack. People who think themselves aware and smart are also cheated.

Superannuation funds are popular among the people. Superannuation funds control over $400 billion, so it is possible to have Superannuation Fraud, investment frauds and wrong advice. Scammers might target your super because most Australians have their accounts. And that account holds a large sum of money.

In this article you will come to know about Superannuation Fund Scam different ways and how to protect them.

Common Types of Superannuation Fund Scams

Superannuation Fund Scams

Here are some common types of superannuation fund scams and tips on how to avoid them:

  • Phishing Scam About Your Personal Details

SMSF investors might get a call from a scammer pretending to be a super firm. The caller may use AFC licence details to prove their originality. The caller will ask you about your personal and bank account details. They might send you a link and once you open or click that link they will get access to your computer. This will include your personal data and login details. With your details the SMSF Scams take place: 

  1. They create a fake account with your details and transfer money from your account to that fake account.
  2. They use myGov account and access your super and personal Account.
  • Open SMSF Account 

The scammer will offer help in opening and handling Account and the Superannuation Crime starts here. 

  1. They will convince you to invest with them in their account to gain more profit. 
  2. They show fake apps and accounts to gain your interest. 
  3. They give you ideas to invest your super in other forms like cryptocurrency or foreign currency bonds.
  4. They will provide you with services and handle your super.

Scammers do this superannuation fraud in Australia and build your Trust over the pass of time. And after it you might transfer your super in their smsf account.

  • Early Access Scheme

Self Managed Superannuation Funds and Fraud is done by scammers with this early access scheme. They will tell you that you can access your account before it is entitled to you. Do not fall for the people who provide you early access. If you take smsf services know whether they have a licensed financial advisor. 

  • Fake Ipos

There are also scams where companies do scams by generating fake companies And fake IPOs. If you get a call about an IPO and you think it’s a good idea then contact your financial advisor before doing any transaction. The scammer might force you to do all the things over the call. Do not get trapped in this type of situation otherwise you will end up sharing all the details and money.

Protecting Your Super From Scammers

Protecting Superannuation Fund Scams

Here are the Tips to Avoid Superannuation Scams from scammers:

  • Check Your Details and Account 

Keeping your super safe by checking your super account from the official website on a daily basis. Check if there is any unusual transaction such as a transfer request and change in personal details. If you notice anything like this immediately contact your super fund.

  • Increase Your Account Security 

Protecting your super against fraud by increasing your security. Always password protect your account and ask your super if there is any multifactor authenticity in the account. Your super fund should have a current Mobile number and email and postal address. It will be easy for them to reach you if they find any suspicious activity.

  • Direct Contact

If you find someone is cheating you by calling, contact your super directly. Always be in touch with your funds directly.

  • Aware About Rules

You should be aware of the rules and know when you can access your funds. If you know smsf services, scammers might not fool you.

  • Speak to Your Person

If you don’t know much about it you can take advice and talk about it with your friends, family, smsf consultants, accountant and your financial advisor.

  •  Aware of Non-Licensed Persons

Always ask for a license if you meet such a person. Check the ASIC website, if they are Registered or not. 

Report the Scam

If you suspect you have been scammed regarding your superannuation fund in Australia, you can report it to the following authorities:

  1. Your Super Fund: Contact your superannuation fund directly to report the scam and seek assistance.
  2. Scamwatch: Report the scam to the Australian Competition and Consumer Commission’s (ACCC) Scamwatch.
  3. Australian Taxation Office (ATO): Call the ATO at 13 10 20 to report the scam and get further guidance.

You can approach agencies of self-managed super fund Perth who help in making a case against scammers. Block all the contact from scammers once it comes to knowledge. Do not send money after being scammed. Ask your bank And financial account to stop all the transactions. 

Also read: What’s changing in super from 1 July 2024


In conclusion, always be aware of the scams which are going around you. Always be alert of what is going in your account. Take advice from the licensed and trusted financial advisor Perth. There are many smsf pension plans in Perth from which people easily get scammed. Know them properly and then transfer your money.

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