Your super and investments can be a scammer’s target
Cybersecurity awareness can help protect more than your personal information. It can also help protect your wealth.
Scammers are becoming increasingly sophisticated. They use convincing websites, emails, phone calls and even artificial intelligence to make fraudulent approaches appear genuine.
For investors and retirees, the potential consequences can be significant. Scammers may target your superannuation, investment portfolio, bank accounts or other hard-earned assets.
Understanding how scams work can help you recognise warning signs and take action before money is lost.
Your superannuation can be a target
The Australian Securities and Investments Commission (ASIC) has warned about scams targeting superannuation account members.
In one approach, scammers cold-call people and offer incentives such as gift cards, competition entries or mobile phones. Their aim is to obtain personal information and superannuation details.
Some scammers then direct potential victims to a professional-looking comparison website. The website can make the approach appear legitimate while the scammer builds trust and encourages the victim to consider transferring their super.
The danger to the unwary is that a convincing website does not prove that the person or investment is genuine.
A convincing approach can be difficult to detect
Consider the experience of “Rosie”, who received a call from someone claiming to represent a well-known investment firm.
The caller said he specialised in superannuation and offered to explain how Rosie could compare the performance of her existing fund with other funds.
He guided her through creating an account on a website. Rosie was initially cautious, but the website looked professional and the information appeared reasonable.
The caller gradually gained her confidence.
Rosie then contacted her financial adviser, “Gerry”, asking him to arrange a rollover of her superannuation into the alternative fund.
Gerry recognised that the request was unusual. Rather than acting immediately, he asked Rosie to wait while he checked the proposed fund and the organisation the caller claimed to represent.
His checks revealed that neither the individual nor the fund existed. The proposed fund also did not have a valid Unique Superannuation Identifier (USI).
Rosie had come very close to transferring her retirement savings to a scammer.
The important lesson is simple: a professional appearance does not establish legitimacy.
If someone approaches you unexpectedly about your superannuation or investments, take time to verify who they are before providing information or taking action.
It is not only superannuation that scammers target
Your bank accounts and investment holdings can also be attractive targets.
A recent case involving a Sydney couple illustrates how sophisticated impersonation scams have become.
The couple received a phone call from someone claiming to work in their bank’s fraud detection team. The caller appeared to understand banking procedures and used information that made the approach seem genuine.
The fraudster kept the couple on the telephone while money was transferred from their accounts.
Two transfers of $50,000 were made: in total, a loss of $100,000.
The couple attempted to contact their bank during the incident but experienced a lengthy wait. They subsequently received automated messages about the scam and were told that recovery efforts could take time.
The case also raised questions about the effectiveness of fraud detection systems and the procedures used to identify unusual transactions.
The circumstances remain subject to investigation and complaint processes. However, the experience demonstrates how scammers can combine technology with psychological manipulation.
Scammers can create a sense of urgency
Keeping a potential victim on the phone is one of the techniques that can make these scams effective.
A scammer may claim that your account has been compromised and that immediate action is necessary. They may instruct you to move money, provide security codes, download software or confirm personal information.
The pressure can make it difficult to stop and think.
A genuine bank, investment provider or financial adviser should not require you to make important financial decisions simply because someone has created a sense of urgency.
If you receive an unexpected request involving your money, end the conversation and contact the organisation independently using a trusted telephone number or other established contact method.
Investment portfolios are also vulnerable
Scammers do not necessarily need direct access to your bank account. Investment and share portfolios can also be targeted.
One reported case involved a Sydney retiree whose shares were sold after a scammer sent emails impersonating him.
The scammer persuaded the stockbroking firm to change the client’s bank account details. The shares were then sold, and the proceeds were directed to another account.
The client had expected the stockbroking firm to independently verify the instructions.
The incident highlights an important point: your financial assets can be at risk even when you do not directly transfer money to a scammer.
Investment accounts, superannuation accounts and other financial platforms contain valuable information. Criminals may attempt to obtain access directly or manipulate an organisation into acting on fraudulent instructions.
This is why strong passwords, multi-factor authentication and careful verification of financial instructions matter.
Scams are becoming more sophisticated
The Australian Competition and Consumer Commission (ACCC) reported that Australians lost $2.18 billion to scams during 2025.
Investment scams accounted for $837.7 million of those reported losses. Payment redirection scams accounted for $166.8 million, followed by romance scams at $139.9 million, phishing scams at $97.6 million and remote access scams at $69.9 million.
These figures demonstrate that scams are not simply a problem involving suspicious emails or obvious requests for money. They are becoming more sophisticated.
The ACCC has described scams as complex and fast evolving. Criminal networks increasingly use technology and artificial intelligence to make fraudulent communications more convincing.
AI can help scammers create realistic voices, images and videos. It can also make written communications appear more professional and personalised.
This means that spotting a scam is becoming less about identifying poor spelling or an obviously fake website.
Instead, we need to become more cautious about unexpected requests, unusual financial instructions and pressure to act quickly.
Simple habits can help protect your wealth
You do not need to become a cybersecurity expert to reduce your risk. A few simple habits can make a meaningful difference.
Pause before acting.
If someone unexpectedly contacts you about your money, take time to consider the request. Do not allow urgency or pressure to make the decision for you.
Verify independently.
Do not rely on telephone numbers, email addresses or website links supplied by the person contacting you. Use contact details you already know to be genuine.
Protect your personal information.
Do not provide passwords, security codes, account details or other sensitive information simply because someone claims to represent your bank, super fund or investment provider.
Use strong security measures.
Where available, use multi-factor authentication and strong, unique passwords for financial and email accounts.
Be cautious about unexpected investment opportunities.
If someone contacts you offering an investment, superannuation strategy or unusually attractive return, do your own checks before providing information or money.
Check financial instructions carefully.
If you receive an email or message requesting a change to bank account details, independently confirm the request before making a payment or authorising a transaction.
Keep your devices secure.
Install security updates and avoid allowing an unknown person to access your computer or mobile device remotely.
Talk to someone you trust.
A second opinion can provide valuable perspective when a financial approach feels convincing but unexpected.
What should you do if you suspect a scam?
If you think you have been targeted, act quickly.
ASIC recommends that people who suspect a scam involving superannuation or investments hang up on the caller, contact their superannuation fund or bank and ask them to block withdrawals where appropriate. ASIC also recommends joining the Do Not Call Register to reduce unwanted telemarketing calls.
If you have provided personal information or believe an account has been compromised, contact the relevant financial institution immediately.
You should also report suspected scams to the appropriate authorities, including Scamwatch.
Importantly, do not be embarrassed about asking for help.
Scammers deliberately create convincing situations. They may impersonate trusted organisations, use information about you that they have obtained elsewhere and create pressure that makes careful decision-making more difficult.
Being scammed does not mean that someone was careless or unintelligent.
Protecting wealth starts with awareness
Financial planning is about more than building wealth. It is also about protecting what you have accumulated.
For many Australians, superannuation and investments represent decades of saving and investment growth. Losing some or all of that wealth to a scam can have a serious impact on future financial security and the legacy you hope to leave for your family.
No single security measure can eliminate the risk.
Banks, superannuation funds, investment providers, regulators and technology companies all have roles to play in reducing scam activity. Individuals also have an important role through awareness, caution and good security practices.
One very useful habit is to stop when something does not feel right.
Do not allow a convincing caller, impressive website or urgent message to make an important financial decision for you.
Pause. Verify. Ask questions.
And when a request involves your superannuation, investments or significant amounts of money, consider speaking with your financial adviser before taking action.
A few minutes spent checking a request could help protect years of hard-earned wealth.
Continuum Financial Planners security
The team at Continuum Financial Planners undertake regular briefings and training about developments in the cybersecurity space: they share this learning with clients during their reviews with them. To benefit from the informed guidance of our team, make an appointment with one of them, by –
- Phoning our office on 07-34213456, or
- At your convenience, use the linked Book A Meeting
(This article was first posted by us in September 2026.)