ASIC Issues Super Scam Alert as $4 Trillion Investment System Targeted

• The scammers employ high-pressure tactics to persuade people to convert their retirement savings into high-risk investments.
• They are also creating fake ASIC websites to steal personal and banking information.

Australia's financial watchdog has issued urgent warnings about two separate but related threats targeting the country's $4 trillion superannuation system, as scammers exploit both high-pressure sales tactics and fake government websites to steal retirement savings.

ASIC Issues Super Scam Alert as $4 Trillion System Targeted

The Australian Securities and Investments Commission (ASIC) told consumers to be “on red alert” for aggressive cold-calling schemes that pressure people into switching their superannuation funds into risky investments. The regulator simultaneously warned that scammers are creating fake ASIC websites to harvest personal information and banking details.

Sarah Court, ASIC's Deputy Chairwoman, said the timing coincides with the start of Australia's new financial year, when many people review their retirement fund performance. She described the problem as reaching “industrial scale” proportions.

“When it comes to sales calls about super switching, there are some big red flags people should be alert to – being asked to make a quick decision is one of the most obvious. Remember, a good deal won't vanish overnight,” Court said.

The cold-calling schemes don't look like typical scams, according to ASIC. Callers appear genuinely interested in helping consumers find better superannuation products or locate lost retirement funds for free. They often connect potential victims with financial advisers during calls to create legitimacy.

“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,” Court explained.

This is yet another warning following the one issued in March, in which ASIC allegedly contacted consumers regarding a payment to release assets. As the regulator noted, it was a textbook example of a recovery scam.

Fake Websites Mirror Official Pages

Separately, ASIC discovered scammers creating websites that closely mimic its official pages, including ASIC Connect and asic.gov.au. These fake sites use similar domain names and visual designs to trick users into providing sensitive information like passwords, contact details, and payment information.

Some fraudulent websites display fake company search results for businesses that don't exist, while others include links to genuine ASIC pages to appear more credible. The legitimate Connect websites are asicconnect.asic.gov.au and connectonline.asic.gov.au.ASIC

The regulator advised consumers to double-check web addresses before entering personal information and to verify any suspicious communications by calling ASIC directly.

Warning Signs and Red Flags

ASIC identified several warning signs for the superannuation switching schemes:

• High-pressure sales tactics and cold calls
• Offers for free superannuation “health checks” and prizes through social media
• Promises to find and consolidate lost super for free
• Involvement of unlicensed people in the advice process
• Limited face-to-face contact with licensed financial advisers
• Poor product disclosure
• Promises of unrealistic returns

Court emphasized that legitimate superannuation switching can provide benefits, but only after careful consideration of risks and independent advice.

“Consumers should always ask questions about salespeople's connections to funds, particularly in circumstances where a particular fund appears in the pitch, as there may be a commission arrangement. If you are unsure or are feeling pressured, just hang up,” she said.

Massive Market at Risk

Australia's superannuation system now holds more than $4 trillion in assets across over 600,000 self-managed super funds. The scale makes it an attractive target for fraudsters seeking to exploit retirement savings.

ASIC launched a consumer awareness campaign targeting the same demographics as the pushy comparison services, building on previous cold-calling warnings issued in 2024. The regulator emphasized that finding lost superannuation is free through the Australian Tax Office, not through third-party services.

For consumers who believe they've been scammed, ASIC recommends immediately blocking contact with scammers, reporting incidents to banks and financial institutions, and contacting IDCARE for identity protection services.