Protecting you from superannuation scams

Scammers are attempting to exploit the retirement savings of people by using sophisticated fraud tactics, prompting urgent warnings from the Australian Taxation Office (ATO) and financial regulators. At Resolution Life Australasia, we believe informed customers are safer customers. Here’s what you need to know about rising superannuation scams and their potential knock-on effects for your personal financial security.

The current threat landscape

Fraudsters are spreading false claims about superannuation rule changes to trick Australians into sharing sensitive data. Key tactics include: 

1. Phishing for personal information

• Impersonating the ATO, super funds, or financial advisers via emails, SMS and social media. These messages often:
  • Claim preservation ages will rise to 70 by 2030.
  • Urge immediate action to “secure” funds before 1 June 2025.
  • Redirect users to fake login pages to steal tax file numbers (TFNs), MyGov credentials, or identity documents.

Fact: The preservation age remains 60 for anyone born after 1 July 1964. No changes to withdrawal rules are planned.

2. Illegal early access schemes

Criminals promote ways to “unlock” super early through self-managed super funds (SMSFs). These scams often:

• Promise high returns via cryptocurrency or offshore investments.
• Charge upfront fees to process non-existent early withdrawals.
• Use stolen identities to create fake SMSFs and drain accounts.

Result: Victims face tax penalties, lost savings, and identity theft.

How this impacts you

Superannuation scams can compromise your  personal data which can lead to:

• Fraudulent policy changes (e.g., altered beneficiaries or premium redirects).
• Identity theft.
• Social engineering attacks leveraging stolen super details to impersonate you.

Recognising red flags

Stay vigilant against:

• Unsolicited contact claiming urgent super rule changes.
• Requests for TFNs, MyGov logins, or identity documents via email/SMS links.
• Offers to “consolidate” your super for you (you’re the only one who can make this choice) or “boosting” super returns through unverified advisers.

Example: A recent scam mimicked AustralianSuper emails, urging members to “secure funds” via malicious links.

Protecting yourself against superannuation and insurance Scams

Your financial wellbeing is a priority and we want you to be aware of these potential scams. 

Please review the following guidance:

1. Verify information

Always confirm superannuation rules via the official ATO website or via your fund.

Check the legitimacy of financial advisers through the Tax Practitioners Board or ASIC’s Moneysmart websites.

2. Secure your accounts

Enable multi-factor authentication on your account.

Regularly review your policies for unexpected changes, particularly beneficiary updates or withdrawals.

3. Report suspicious activity promptly

Forward scam emails to: reportscams@ato.gov.au

If your personal information may be compromised, contact your super fund directly and immediately.

4. Life insurance-specific precautions

We recommend:

• Reviewing your policy details quarterly to detect any unauthorised changes.
• Using strong, unique passwords for insurance accounts - different from those used for superannuation.
• Alerting our team immediately if you suspect identity theft may impact your cover.

5. If you’ve been targeted

• Do not respond to suspicious messages or click on any links - simply delete them.
• Contact your super fund to freeze any unauthorised activity.
• Report incidents to Scamwatch  and the ATO directly via 1800 008 540.

https://www.ato.gov.au/media-centre/ato-warns-against-websites-sharing-fake-news-on-superannuation-preservation-age

Resolution Life remains committed to protecting your financial future.