How to spot an AI super scam

The Australian Securities and Investments Commission (ASIC) recently warned that scammers are increasingly using AI to create convincing financial scams, including scams that can target people’s super and retirement savings.

Here are some common AI scams to watch for – and actions you can take to help protect your money, super and personal information.

Common AI scams

According to ASIC, scammers are using AI to create financial scams that look genuine. These include:

• Deepfakes and other deceptive videos – such as when AI is used to create videos that appear to be from politicians or celebrities endorsing certain actions or investments
• Fake investments, articles and reviews – where someone could be led from a social media advertisement to an AI-generated website or news article promoting a fake investment opportunity
• Fake websites – where people may be led to false and misleading AI-generated information while trying to verify a fake investment opportunity
• Impersonation scams – where scammers pretend to be a trusted organisation, government agency, super fund or financial professional to gain influence over your money or personal information

AI is making scams more convincing because criminals can now create realistic videos, voice recordings, websites and other digital content in minutes. This means scam communications may look more professional than they did in the past and can be distributed to large numbers of people quickly. Because of this, it’s becoming more important to verify information independently before taking action.

AI scams targeting your super

In the super industry, AI scams can involve phone calls, online ads and social media promotions encouraging people to review, switch or consolidate their super. Scammers may claim your current fund is underperforming, suggest you’ve lost track of super, or promote other funds or investment opportunities that promise attractive returns.

The aim of these scams is generally to persuade you to provide your contact and/or personal details. Scammers might then get in touch with scripted phone calls about fake investment opportunities, sometimes paying or appearing to pay apparent returns to build trust with the victim.

While not all phone calls from telemarketers are scams, the Australian Government is introducing reforms to help protect Australians by requiring telemarketers who cold-call people about switching super funds to be licensed.

Warning signs of a scam

While scams can take many forms, some common warning signs include:

• Unexpected contact about your super, investments or retirement savings
• Suggestions that you should transfer or switch your super urgently
• Claims of limited-time opportunities or unusually high returns
• Requests for personal information, passwords or verification codes
• Pressure to act quickly or respond immediately
• Online ads, reviews or endorsements that seem too good to be true

Tip for you: be cautious if someone asks you to install remote-access software, transfer money to a new account or cryptocurrency wallet, or make an initial payment to ‘activate’ an investment account.

How to protect your super

For many people, super is one of their largest financial assets and something they’ve spent years building. Taking a few precautions can help protect both your retirement savings and your personal information.

Here are some simple ways to help avoid being scammed:

• If you're contacted unexpectedly about your super or asked to transfer, consolidate or make changes to it, contact GESB directly to verify the request
• Don’t assume that a video of a politician, public figure or someone else endorsing an investment opportunity is real – it could be an AI-generated deepfake
• Be cautious of unexpected communications that create urgency or pressure you to act quickly – treat these pressure tactics as a warning sign
• Don’t rely on online reviews, endorsements or search engine results to assess an investment opportunity, as these can be generated or manipulated using AI
• Always take the time to review any investment information carefully, using trusted sources such as GESB or ASIC’s MoneySmart website
• Check that an investment company or website is not listed as a suspected scam on the MoneySmart Investor alert list before investing or transferring your super
• Where required, seek advice from a licensed financial adviser before transferring super or making a significant investment – it may also be helpful to discuss your plans with a trusted family member or friend
• Don’t provide personal information, account details or make any payments unless you can verify the request using trusted contact details
• Check website addresses carefully before entering personal information
• Never share your passwords, one-time verification codes or other security credentials

Tip for you: a message, voice call, website or video might seem authentic and look professional, but that doesn’t always mean it is legitimate. AI is making it easier for scammers to imitate people and organisations. Always stop, verify the source and take time to research and confirm the details before acting.

How to verify a communication from GESB

If you receive a letter, email, phone call or some other form of communication about your GESB account and you’re not sure whether it is legitimate, please contact us directly.

If you believe you've been scammed, please report it immediately to us if it may affect your GESB account, retirement income payments or personal information linked to your account, as well as to your bank, cyber.gov.au and Scamwatch.