Super news for July 2025

Super switching scams on the rise

The Australian Securities and Investments Commission (ASIC) is urging Australians to be on the lookout for scam super switching schemes as a new financial year begins.

ASIC said people should be alert for high-pressure sales tactics, click bait advertising and promises of unrealistic returns.

“When it comes to sales calls about super switching, there are some big red flags people should be alert to – being asked to make a quick decision is one of the most obvious. Remember, a good deal won’t vanish overnight,” ASIC deputy chair Sarah Court said.

Court also said that cold calls about superannuation switching often don’t look like other kinds of scams.

“The caller will seemingly have your best interests at heart, and they say they want to help you find a better super product or locate lost super for free. They may also involve referrals to financial advisers during the call to create a sense of comfort and legitimacy,” she said.

“If you are unsure or are feeling pressured, just hang up.”

There can be some benefits to super switching, but only after careful consideration of the potential risk.

ASIC strongly encourages consumers to get advice from someone independent of a sales call and visit ASIC’s Moneysmart Protect your super from pushy sales calls.

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