TL;DR: On February 4, 2026, ASIC reviewed scam and fraud website content from 47 super funds and compared it with the big four banks. Banks scored positively on over 80% of criteria; most super funds scored only 40 to 60%. The National Anti-Scam Centre reported A$22 million in super-related scam losses in 2025, and super funds hold A$4.3 trillion in retirement savings.
What happened
ASIC release 26-014MR found only 19% of funds clearly defined what a scam is, about one-third gave no messaging on common scam signs, roughly two-thirds included scam examples of varying quality (often outdated, generic or overly complex), and about one-third gave actionable steps for preventing or reporting scams.
Only about one in five offered a dedicated contact method for reporting scams or fraud.
Why it works
Retirement savings are a large, concentrated target, and members rarely check their fund’s scam information until something goes wrong. A fund that gives clear examples and a reporting line makes early action easier.
The release is aimed at super trustees and does not set out specific actions for members.
Background: our explainers on pension transfer scams and spear phishing. See also ASIC Now Lists Licensee Websites to Help You Spot Fake Sites and ASIC Cancels Licence of Firm Over Fake Macquarie Bond Sale. For wider numbers, see our data page on scam losses by age group.
What members can do
- Check your fund’s website for scam information and reporting options, as many materials were found hard to find or incomplete.
- Use ASIC’s Moneysmart guidance on reducing financial scam risks.
- Be suspicious of any unexpected contact about moving or releasing super.
- Report scams to Scamwatch and tell your fund if you suspect your account has been targeted.
If you have already sent money
Contact your bank immediately, report the scam to Scamwatch and through ReportCyber, and call IDCARE on 1800 595 160 if your identity may be at risk. Our guides on the Scamwatch and IDCARE recovery process, Australian bank impersonation scams and how to reverse a wire transfer scam explain the steps, and what to do after a scam, wherever you live covers the first 24 hours. Scammers often start with details taken from past leaks, so run our free digital footprint check to see what of yours is already exposed.
Frequently Asked Questions
What did ASIC review?
Scam and fraud website content from 47 super funds compared with the big four banks.
How did funds score?
Banks scored positively on over 80% of criteria; most super funds scored positively on only 40 to 60%.
How much was lost to super-related scams in 2025?
A$22 million, according to the National Anti-Scam Centre as cited by ASIC.
What can members do?
Check their fund’s scam information and reporting options and use Moneysmart guidance.
Sources
- ASIC: 26-014MR, ASIC urges super trustees to step up and address serious gaps in anti-scam and fraud protections (Feb 4, 2026)
- Scamwatch (ACCC)
Related Reading
- ASIC Now Lists Licensee Websites to Help You Spot Fake Sites
- ASIC Cancels Licence of Firm Over Fake Macquarie Bond Sale
- FTC Weighs New Rules for Ad Platforms Over Impersonation Scams
- Australia Scam News: October 2026 Roundup and Warnings
- Scam Losses by Age Group: US and Australia Data (2025)
- What to do after a scam, wherever you live