Here's how you can recognise, prevent, and respond to SMSF scams to keep your super safe. 

Common SMSF scams to watch out for 

Fraudsters use various strategies to deceive SMSF investors: 

• Fake rollovers: Watch out for scammers advertising services to ‘roll over your super and invest tax-free.’ They aim to redirect your funds for their benefit. 
• Impersonation schemes: Be cautious of calls from anyone claiming to be from an investment firm or an SMSF ‘expert’ trying to gain your trust and extract personal information. 
• Property and crypto schemes: Scammers often use promotions of investing through an SMSF in property or cryptocurrency. They often use high-pressure tactics, making these offers seem too good to miss when really, they’re designed to get you to hand over your money. 
• Paperwork scams: Fraudsters might offer to handle SMSF paperwork for an unreasonable fee, exploiting the complexity of SMSF management to gain your trust. Be wary of any offers to manage admin tasks that promise ease, but come with high costs. This can be an attempt to gain unnecessary access to your super accounts. 

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Spotting the signs of SMSF fraud and scams

Being informed about the typical signs of SMSF fraud and scams is your first line of defence. Watch for the following red flags: 

• Unsolicited offers: Always be wary of unexpected offers to ‘manage’ or ‘take control’ of your super. Reliable financial decisions should always be initiated by you. 
• Unrealistic returns: Promises of guaranteed or high returns are a common scam. If it sounds too good to be true, it probably is. 
• Pressure and urgency: Scammers might push you to set up an SMSF without thorough consideration. Remember, establishing an SMSF is a significant decision that demands time, research and consideration. 
• Costly administrative offers: Be cautious if someone approaches you with an offer to manage your SMSF paperwork while charging high fees. Scammers often prey on the complexity of SMSF management, hoping to convince you that their services are essential. 
• Requests for sensitive information: Sharing personal information, myGov login details, or super fund credentials can put your superannuation at risk, and any requests for this information should be scrutinised. 

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Steps to protect yourself

Put these strategies in place to safeguard against SMSF-related scams: 

• Understand your responsibilities: Make sure you fully understand the obligations and management roles that come with an SMSF. 
• Verify adviser credentials: Verify the qualifications of anyone offering SMSF advice through ASIC’s registers. These checks can confirm the legitimacy and qualifications of advisers. If you’re after SMSF support, contact us and we can guide you in the right direction. 
• Protect personal information: Never share your myGov or superannuation login details with anyone. 
• Scrutinise unsolicited offers: Be especially cautious of offers involving cryptocurrencies or high-yield investments that you did not ask for 
• Consult before acting: Talk with us before making any significant investment decisions. Call us on 1800 005 166. 

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What to do if you suspect a scam

Authentic SMSF dealings don’t require rushed payments or sharing of sensitive information like log in details. If something doesn’t feel right, trust your instincts. If you think you may have been targeted by a scam, please call 1800 005 166 straight away or email [email protected] - we're here to help. 

This is general information only and doesn’t take into account your objectives, financial situation or needs. Before making a decision about CareSuper, you should consider if this information is right for you.
We're giving you this information in good faith. It comes from sources we think are reliable and helpful. However, we can't guarantee its accuracy and take no responsibility for this content, including any errors or omissions.