ASIC warns of scam targeting superannuation: 12,000 Australians lost $1 billion
About 12,000 investors lost more than $1 billion. Lead generators approached them and pushed them into risky superannuation switches.
The financial regulator ASIC has warned Australians to watch for "lead generators". These are businesses using social media ads and unsolicited phone calls.
They coax people into switching their superannuation to dodgy investment schemes. High-profile fund collapses like Shield Master and First Guardian show the damage when this goes wrong.
Unqualified lead generators use fear-based claims and misleading comparisons. They push people toward a "super review" or "super health check".
Once hooked, victims often hand over huge chunks of their retirement savings. ASIC commissioner Alan Kirkland says the warning sign is simple.
If someone calls offering to move your super and pushes you to decide fast, hang up. Between January and June 2025, 7,600 investors were referred by lead generators.
They invested nearly $680 million, mostly superannuation.
- More than $1 billion
- Total investor losses
- About 12,000
- Investors affected
- 7,600 investors invested $680 million
- January to June 2025 referrals
- ASIC
- Regulator
Why it mattersRetirement savings are irreplaceable. Losing them to a scam means you work longer or retire poorer. You have no way to recover the time lost.
AustraliaThousands of Australians have already lost their retirement nest eggs to these schemes. Anyone approached by an unsolicited caller about super is at immediate risk.
✓ Claims checked against the source. checked 57 min ago
