How to protect from super scams

Key takeaways:

• Scams are widespread and increasing. Criminals continually change their tactics to steal money and personal information, affecting Australians of all ages. Staying informed is the best defence.
• Superannuation is a major target. Scam messaging usually promises big returns and little or no risk, sometimes through self-managed super fund (SMSF) schemes and early access offers, to gain control of people’s super and personal details.
• Investment, phishing and romance scams are the most common. These scams rely on trust and urgency, often promising high returns and little or no risk, posing as legitimate organisations, or building personal relationships before asking for money.
• Identity theft has lasting impacts. Stolen or pieced together personal information can be used to access bank accounts, government services and super, often without immediate warning signs.

Scams unfortunately impact a large number of Australians each year. The methods criminals use to steal money and personal information from victims are always changing and BUSSQ's committed to helping you stay protected.

What is a scam?

According to the Australian Competition and Consumer Commission's (ACCC’s) Scamwatch¹, a scam is ‘When someone deceives you into providing personal or financial information so they can steal from you’.

This is different from fraud, which is when someone can dishonestly obtain a benefit or cause loss, but you may or may not be aware the conduct is occurring.

Criminals target people of all ages and genders with different types of scams. The most common scams in 2025² were:

• Investment – Scammers use convincing marketing to make their fake investment sound too good to miss and promise unrealistic returns and big payouts to encourage you to hand over your money.
• Phishing – Scammers pretend to be legitimate organisations to obtain your personal information, account details or passwords. New government sender ID protections can help you identify unauthorised text messages, but you should always verify unexpected communications and follow the tips below.
• Romance - Using dating, romance or friendship, scammers work to gain your trust before asking you for money then disappearing.

Criminals are also targeting Australians with superannuation scams to access some of the trillions of dollars held by super funds.

Superannuation and investment scams

Investment scams can be tricky to spot. Scammers can use fake endorsements, realistic websites and the identities of trusted financial or investment companies, experts or celebrities to make investments appear genuine. If an opportunity promises high returns with little or no risk, or pressures you to act quickly, it could be a scam. Be cautious of investment tips shared through social media, WhatsApp and other messaging apps.

Scammers may take your money right away or even create fake account information that shows your “investment” growing and sometimes let you make small withdrawals to build your confidence. But when you try to take out all your money, they start giving excuses or stop responding altogether. In the end, many people lose access to their funds completely.

Before dealing with a financial services provider, check ASIC’s registers to confirm they are authorised, and review APRA’s disqualification register for individuals or entities that are banned from operating. Common superannuation scams include:

Self-managed super fund scams

Scammers encourage you to open a self-managed super fund (SMSF) promising you more control over your super. They may offer different investment options like cryptocurrency or persuade you to open an SMSF to invest in a particular company or investment fund. Scammers can be pushy or work to build trust with you over time. They often have convincing marketing material showing high returns and once you’re invested, they will provide false returns information on the investment. Scammers will also offer to do everything for you telling you there is no need for anyone else to help take care of the SMSF.

Early access super scams

These promise you easy and early access to your super, before you’re generally allowed to. Scammers offer to complete the genuine documents required to access your super early which provides them with your personal details and the details of your super fund account. This type of super scam may also offer transferring your super into an SMSF for earlier access.

Identify theft

Identity theft is when someone uses your personal information, without consent, to gain a benefit. Some examples include a criminal using your personal information to get a credit card, apply for a bank account or undertake illegal activity.

You could fall victim to identity theft if you have key identity documents such as your driver’s licence or bank statements stolen. A criminal could also combine smaller pieces of personal information that you may share online with publicly available information to steal your identity, for example using information to access your personal email or myGov account, or information about your super.  

Some signs that you may have had your identity stolen include:

• you receive bills or receipts for goods or services you haven’t purchased.
• items you don’t recognise appear on your bank or credit card statements.
• you stop receiving mail usually delivered to your address.
• you’re contacted about Government benefits you haven’t applied for.

SMS Sender ID verification – helping you spot text message scams

To help protect Australians from text message scams, the Australian Government has introduced a new SMS Sender ID Register³. From 1 July 2026, organisations that send text messages using a branded sender name must register a sender ID.

This change aims to make it harder for scammers to impersonate legitimate registered organisations by text. Messages sent using an unregistered sender ID may be labelled "Unverified", and phone companies are required to group these in a single message thread, to help spot potential scams⁴.

BUSSQ text messages will only be sent from the registered sender ID "BUSSQ" or the phone number “+61 485 001 888”.

Depending on your phone or mobile provider, the first message you receive from BUSSQ may appear as coming from an "unknown" sender. This does not mean the message is “Unverified” or unsafe. It is a security feature within some phones designed to encourage caution when receiving messages from a sender for the first time.

If you're ever unsure whether a message is genuinely from BUSSQ, please contact us before clicking any links or providing personal information.

What do I do if I see a text message that is Unverified?

This doesn’t automatically mean the message is a scam, but it does mean you should be cautious. Do not click links, provide personal information or send money unless you have independently confirmed the message is genuine.

Remember, scammers may still try to impersonate trusted organisations. Be especially careful if a message is unexpected, asks for personal or financial information, includes a link, or pressures you to act quickly.

Does this apply to all messaging apps?

No. The SMS Sender ID Register only applies to text messages (SMS and MMS) sent using branded sender IDs. It does not apply to messaging services such as iMessage, WhatsApp or other apps.

Tips to protect yourself from scams and fraud

There are simple steps you can take to help keep your money and personal information safe:

Stay alert

• Regularly check your accounts, statements and contact details for anything unusual.
• Read communications from your bank, super fund and other organisations carefully. Check links and website addresses before taking action.
• Be cautious of unexpected emails, phone calls, social media messages and online advertisements.
• Check that text messages from organisations you deal with come from the correct sender ID and treat "Unverified" sender IDs with caution.
• If it seems too good to be true, or you're being pressured to act quickly, stop and think before taking action.

Protect your online accounts

• Use strong, unique passwords or passphrases for each account.
• Turn on multi-factor authentication where available.
• Never allow someone you don't know or trust to remotely access your device.

Keep your information secure

• Keep your software up to date and use antivirus protection.
• Be careful what you share online on social media and other public sites.
• Store personal documents securely and destroy paperwork safely when no longer needed.
• If you don't recognise the sender of an email or text message, do not respond or click links. If you are unsure whether a phone call is genuine, end the call. Contact the organisation directly using contact details you have found yourself to verify the communication.

For information on protecting your myGov account and staying informed about current scams, visit the Australian Government's suggested tips to protect your MyGov account and  Scamwatch.

What to do if you’ve been scammed

If you believe that you’ve fallen victim to a scam, identity theft or another cybercrime it’s recommended that you:

• Log out of all your online accounts.
• Change all your online account passwords.
• Ensure you have multi-factor authentication set up for online accounts.
• Contact your bank and financial institutions, including your super fund to tell them what has happened.
• Support is also available from organisations such as IDCARE.

You should also report it to:

• Scamwatch
• ReportCyber
• Your local police

What to expect from us

We’re here to help if you believe you may be a victim of scam, superannuation fraud or identity theft, or you just want to check in because something ‘doesn’t feel right’. Call us straight away on 1800 692 877 to tell us how you’ve been impacted and secure your account.

To help you determine if a call, text or email from us is legitimate, this is what you can expect:

• Our team will clearly identify themselves when they call you and provide information about why they’re calling.
• We will not ask you for your login details.
• We will run security checks to confirm you’re the account holder before sharing personal information on a call.
• We will send text messages from a “verified” sender ID (“BUSSQ” or “+61 485 001 888”).
• We will require proof of identity for transactions such as withdrawals.
• We will never ask for remote access to your computer or other device.

If you need help with your account, setting up multi-factor authentication for your online account, or have any other questions give us a call on 1800 692 877.

Want to learn more, visit Super with BUSSQ and Why Choose BUSSQ