TL;DR: Canada's anti-fraud centre flags unsolicited offers, higher-than-normal returns and fake crypto sites. Australia's Moneysmart lists early-access schemes and SMSF rollover scams. Check registration before moving any retirement money.
Retirement savings are the biggest pot most people own, which makes them a target. Canada and Australia run different systems, but the official warnings share a theme: be suspicious of anyone who contacts you first and pushes you to move money.
Canada: what the Anti-Fraud Centre lists
The Canadian Anti-Fraud Centre (CAFC) names these investment-fraud red flags:
- An unsolicited investment opportunity.
- Higher-than-normal returns.
- Fake crypto websites.
It advises checking with provincial and territorial securities regulators. It also warns of investment recovery scams, where someone offers to get lost money back, and of pig butchering, where a relationship begun on a dating app leads to a fake investment. See the pig butchering guide.
Canada: check registration
CheckFirst.ca, run by the Alberta Securities Commission, explains how to search the National Registration Search, confirm the person or firm is registered, check the status is active and any disciplinary actions, confirm permissions for the product being sold, and call the firm using contact details from the official result.
Canada: CIRO's warning signs and protection steps
CIRO lists typical fraudulent pitches: "Guaranteed high returns – no risk!", "Insider tips – get in now!", "Offshore investment – tax free!" and "Profit like the experts!". They arrive by cold call, email, phone or the internet. CIRO's advice:
- Check the CSA's National Registration Search, and CIRO's AdvisorReport, before giving information or money. Claiming to be CIRO-regulated does not prove a firm is legitimate.
- Type web addresses directly into your browser, and watch for cloned sites, impersonated domains, deliberate misspellings and hyphens.
- Never send more money in order to withdraw or recover existing funds. Report withdrawal-blocking claims to the Canadian Securities Administrators.
- Do not install remote-access programs or give anyone access to your computer before verifying registration.
Australia: what Moneysmart lists
Moneysmart names four main threats to superannuation: early-access schemes, SMSF rollover scams, phishing and investment pressure. It advises checking ASIC's registers before dealing with any adviser or firm.
Australia: how a super scam works
Scamwatch describes criminals stealing superannuation statements and forging identity documents to set up fake self-managed super funds (SMSFs), then rolling money over from legitimate accounts. Warning signs it lists are unexplained money leaving bank accounts, sudden credit rating problems, and callers who pressure you for personal details while discouraging verification. Its protections: check statements regularly, shred sensitive documents, never send money to unknown parties, verify a caller independently and log in to websites directly instead of clicking links.
Reporting in Australia
Tell your super fund first. Then report to Scamwatch, the ATO on 13 10 20, and ReportCyber.
The shared pattern
A caller who urges you to roll a balance into a new fund, or promises early release, matches the warnings in both countries. For the UK version, read the UK pension scams guide.
If you have paid
Stop sending money, keep records and report to the CAFC and your provincial securities regulator in Canada, or to your fund and Scamwatch in Australia.
A free digital footprint check shows whether the contact details scammers use are already exposed.
Frequently Asked Questions
What are the CAFC's investment fraud red flags?
Unsolicited opportunities, higher-than-normal returns and fake crypto websites.
How do I check an adviser in Canada?
Use the National Registration Search or your provincial securities regulator, as CheckFirst.ca explains.
What super scams does Moneysmart list?
Early-access schemes, SMSF rollover scams, phishing and investment pressure.
Who do I report a super scam to?
Your super fund, Scamwatch, the ATO on 13 10 20 and ReportCyber.
What is an investment recovery scam?
A scammer offers to recover money you already lost, the CAFC warns.
What phrases does CIRO say fraudulent investment pitches use?
'Guaranteed high returns – no risk!', 'Insider tips – get in now!', 'Offshore investment – tax free!' and 'Profit like the experts!'.
How does a superannuation rollover scam work?
Scamwatch says criminals use stolen statements and forged ID to create fake SMSFs, then roll money over from your real account.
Who do I contact in Australia?
Scamwatch says to contact your super fund, APRA on 1300 13 1060, the ATO on 13 10 20 for SMSF concerns, and Scamwatch.
Sources
- Canadian Anti-Fraud Centre – Investment fraud
- CheckFirst – Check registration
- Moneysmart – Superannuation scams
- CIRO – Avoiding fraud and protecting your investments
- Scamwatch – Superannuation scams