Your superannuation (super) represents decades of hard work and savings built for retirement. As the super system matures and member balances grow, it’s becoming increasingly targeted by social media advertising that can lead to cold calls (uninvited callers seeking access to your money) – but you have the power to shut them down. 
 

The message is simple: ignore, slow down and check the facts. 

Why this matters now

The collapse of Shield Master Fund and First Guardian Master Fund in 2025 exposed the consequences of predatory practices. Almost 12,000 Australians lost access to $1.2 billion in retirement savings after being channelled into these high-risk schemes, partly through targeted social media advertisements and super cold calling operators. ¹ 

These cold callers used high-pressure tactics and social media click-bait (content designed to grab attention and entice clicks) to lure people into inappropriate super switching advice. Many victims were working Australians in their critical retirement-saving years who trusted that a ‘free super review’ would help them, not harm them. 

Your super fund works hard to protect you – but unsolicited contact pushing you to change funds is always a red flag.

A call for stronger protections

Super Members Council (SMC) believes current consumer protections aren’t strong enough. We’re calling on the Federal Government take immediate action to better protect members from cold calling activities. 

We’re also telling the Government that the Compensation Scheme of Last Resort (a compensation fund for consumers who’ve lost money due to misconduct by financial firms) shouldn’t be funded by everyday Australians’ super balances, when the system fails to prevent harm in the first place.² That isn’t fair. 

But until these protections arrive, you need to know how to protect yourself. 

Why ‘free super health checks’ are risky

The free super health check scam is a common con and happens when cold callers get your details from data brokers or social media forms.  

The caller makes big claims – ‘Your fund’s underperforming’, ‘it’s not compliant’, ‘new rules mean you must move’ – before recommending you switch, often to a higher fee self-managed super fund (SMSF, where you act as trustee to manage your own investments). 

Unless it’s from your own fund, treat offers of a free super health check, comparison or review with high suspicion, including when advertised online.

The law behind unsolicited contact

Financial services laws apply to unlicensed entities making unsolicited contact. If someone contacts you, collects your information, refers you to an adviser and gets paid when you switch, their conduct may be classed as ‘arranging‘ which requires a licence. Many cold callers operate without proper licences. 

The Australian Securities and Investments Commission (ASIC) actively enforces against this model, with penalties for individuals starting at $1.65 million. 
 
Avoid making decisions on your super based solely on comparisons or calculators provided by a party who will be paid if you switch. 

Switching pressure and SMSF push – when to say ‘not now’

Be wary of promises that will give you ‘early access’, ‘more control’ or ‘unique’ tax opportunities by switching funds or rolling over to an SMSF. These are red flag sales tactics you should be wary of. Setting up an SMSF is a complex, long-term trustee responsibility, not a simple ‘switch’.   
 
SMSFs are also typically for sophisticated investors and generally require higher balances in excess of $200,000 to be financially viable. They also generally cannot access the Compensation Scheme of Last Resort (CSLR), which pays victims of financial misconduct, because SMSFs are not members of the Australian Financial Complaints Authority (AFCA) and are not regulated by ASIC. 

If you’re being pressured to enter into an unsolicited SMSF scheme or proposal, be cautious. Take the time to talk to someone you trust and seek independent advice from a financial adviser with no connection to the scheme before you commit to any arrangements. 

Early access scams 

You can only access super early under strict conditions of release (legal circumstances allowing super withdrawal before retirement) – typically severe financial hardship, terminal illness or permanent incapacity. Anyone promising easy early access through an SMSF or special scheme is running an illegal operation.

Check the warning signs and consequences of early access schemes. And if approached, don’t hand over personal details or sign any documents. Contact the Australian Tax Office (ATO) – who warns gaining illegal early access to your super will likely cost you more than the super you withdraw.

Report, complain and recover

If you or someone you know is experiencing financial pressure, report it to your super fund immediately using official website details – they can place holds on transactions. 
 
When reporting, include the date and time of contact, the caller’s name and company, what they offered, any pressure tactics and whether you provided information or switched funds. 
 
You can lodge complaints about unsuitable financial advice with the AFCA, and talk to a support service like Compass. 

Four steps to shut down a pushy super call

1. Hang up. Don’t engage – legitimate super funds only call their own members. 

2. Block. Block the phone number to stop any repeat contact. 

3. Register. Submit your phone number to the Do Not Call Register to reduce future calls. 

4. Report. Report the call to your super fund, ASIC and AFCA. 

Taking control of your super

Your super belongs to you – not to cold callers or advisers who profit from inappropriate switches. By hanging up on unsolicited calls, checking facts before making decisions and reporting suspicious activity, you’re protecting decades of savings.

SMC advocates for stronger laws to prevent predatory practices before they cause harm. We’re pushing for better oversight, accountability and consumer protections so members don’t bear the cost of regulatory failures. Your super deserves better security, and we’re working to make that happen.

FAQs

What should I do if I receive an unsolicited call about my super – and not from my super fund?

Hang up immediately without engaging. Block the number, register with the Do Not Call Register and report the call to your super fund, ASIC and AFCA. Legitimate super funds don’t cold call non-members to encourage switching. 

How do I know if someone who calls me is really from my super fund? 

Your own super fund may occasionally call you to administer your account. They will call in business hours and while they may ask to confirm your full name and date of birth, they will never ask for your log in details. If something doesn’t feel right you should hang up and call your super fund on a phone number you trust. 

How can I tell if a ‘free super health check’ is legitimate? 

If it’s unsolicited (by phone, text, email or social media ad), it’s suspicious. Legitimate super advice comes from licensed advisers you choose to contact, not cold callers. Check the Australian Prudential Regulation Authority website (APRA) for registered super funds before proceeding. 

What’s an SMSF and when is it appropriate? 

A self-managed super fund is where you act as trustee and manage your own investments. It’s only appropriate for people with significant balances (typically $200,000+), investment expertise, time for compliance and willingness to take on trustee responsibilities. An SMSF recommended during an unsolicited call is almost always unsuitable. 

Can I access my super early if I’m in financial hardship? 

Early access is only legal under strict conditions of release like severe financial hardship, terminal illness or permanent incapacity. Anyone promising easy early access is likely running an SMSF early access illegal operation. Contact the ATO or your super fund for legitimate information on early access to super. 

What should I do if I’ve already switched funds based on a cold call? 

If you or someone you know ever clicked on a social media ad and switched super or if a financial adviser switched you into a super fund, go to takeyoursuperback.com/ to see if you’ve been affected by the collapses of First Guardian or Shield. Contact your previous fund to explain what happened and block any rollovers or withdrawals. Make an AFCA super complaint against the adviser that provided the advice and consider seeking independent legal or financial advice to assess your options. 

References 
1. ASIC  
2. SMC 
 
General information only. Consider getting advice from a licensed adviser or your super fund.