Protecting you from scams & fraud

Your superannuation and investments are among your most valuable financial assets. We take our responsibility to safeguard them seriously, and we want to help you stay protected too. 

Your online safety

Understanding scams and fraud

Scams and fraud are both serious threats to your financial security, but they work differently and understanding the difference helps you stay protected.

Scams

A scam occurs when you are tricked into authorising a transaction or sharing information that enables someone else to access your account. For example, a scammer impersonating Netwealth convinces you to share a one-time password, or you are persuaded to transfer your super into a fraudulent self-managed super fund.

Fraud

Fraud occurs when someone gains unauthorised access to your account without your knowledge or consent - for example, using stolen identity documents or credentials obtained through a data breach to impersonate you and initiate a transaction.

 

 

Both scams and fraud are increasing across Australia’s financial system. The National Anti-Scam Centre reported $22 million in losses from superannuation-related scams in 20251, and in 2023–24, the Australian Financial Complaints Authority reported that while the number of super scam complaints is still relatively small, the average loss per victim is significant - approximately $89,0002.


As more Australians approach or reach preservation age and gain greater access to their superannuation savings, scammers are increasingly targeting super accounts. At Netwealth, we are committed to staying ahead of these threats through dedicated scam prevention, detection and response capabilities.

Cybersecurity

Scams targeting super and investment accounts

Scammers use a range of techniques to target your superannuation and investments. Knowing what to look for is one of the most effective ways to protect yourself.

High prevalence

Phishing and impersonation

Fraudulent emails, text messages or phone calls that appear to come from Netwealth, the ATO, myGov or another trusted organisation. They aim to trick you into clicking a link, sharing login credentials, or providing personal information such as your tax file number or member number.

High prevalence

Identity takeover

Using personal information obtained through data breaches or social engineering, scammers attempt to impersonate you, contacting your super fund to change account details, request a rollover, or initiate a withdrawal to an account they control.

Growing threat

Fake SMSF schemes

Scammers offer to help you “take control” of your super by setting up a self-managed super fund (SMSF). They may establish a fraudulent SMSF, transfer your super into it, and then steal the funds, often investing in fake high-return schemes involving crypto or foreign assets.

Growing threat

Illegal early access schemes

Someone offers a quick way to access your super before you have met a legitimate condition of release. They may help you complete genuine-looking paperwork, but the process is illegal and can result in significant tax penalties as well as loss of your savings.

Emerging

Investment scams ("pig butchering")

Scammers build trust over weeks or months, often through social media or dating apps, before encouraging you to invest through a fake platform. They may provide fabricated performance reports showing impressive returns, then pressure you to withdraw super or investment funds to “invest” more.

Emerging

AI-powered deepfakes and voice cloning

Advances in artificial intelligence mean scammers can now create convincing audio and video impersonations of trusted people, including financial advisers, super fund staff, or even family members, to manipulate you into taking action on your account.

 

 

 

  • Key insight

    Scammers are increasingly sophisticated. They invest time building trust, use professional-looking websites and documents, and exploit legitimate processes. If something feels rushed, too good to be true, or unusual, pause and verify directly with Netwealth before taking any action.

 

 

 

What we do

How Netwealth protects you

We take a proactive, multi-layered approach to scam and fraud prevention across our platform. Our protections are designed not just to verify that a request comes from you, but also to identify when you may be at risk of being deceived.

  • Transaction monitoring

    We monitor transactions and account activity to identify unusual or unexpected behaviour, including unexpected changes to account details and withdrawal activity.

  • Multi-factor authentication

    Multi-factor authentication adds an additional layer of security beyond your password, helping to prevent unauthorised access even if your login credentials are compromised.

  • Verification call-backs

    Where certain transactions or account changes may pose increased risk, we may contact you to verify the request and to confirm it has been made without undue influence or coercion.

  • Cooling-off interventions

    Where we identify indicators of potential scam and fraud activity, we may place a temporary hold on a transaction to allow time for additional verification. We understand this may cause inconvenience, but it is designed to protect your savings.

  • Scam intelligence sharing

    We participate in industry intelligence-sharing networks to stay informed about emerging scam techniques and threat actors targeting the superannuation and wealth management sectors.

  • Trained specialist team

    Our operations team receives dedicated training on scam detection and response, including how to identify when a member may be acting under the influence of a scammer, even when they believe the transaction is legitimate.

  • Identity verification controls

    We apply robust identity verification procedures aligned with AML/CTF obligations, and we continually review these controls to address emerging identity fraud techniques and threats.

  • Dedicated scam reporting and governance

    We maintain dedicated internal reporting on scam activity, separate from broader fraud metrics, to ensure we have clear visibility of scam risks and can continuously improve our prevention and response capabilities.

  • Working with your adviser

    If you access Netwealth through a financial adviser, your adviser plays an important role in your protection. Transaction requests initiated through your adviser’s practice are subject to additional oversight and verification processes. If you are ever contacted directly by someone claiming to act on behalf of your adviser, contact your adviser’s office using a number you have sourced independently to confirm.

Staying safe

How to protect yourself

Even with the protections we have in place, you play a critical role in keeping your accounts safe. Here is our three-step rule for any unexpected contact about your super or investments3.

1

Stop

Don’t rush. Scammers create urgency to pressure you into acting before you think.

2

Check

Contact Netwealth directly on 1800 888 223 to verify any request or communication.

3

Protect

Never share your password, PIN, one-time codes, or your Netwealth details with anyone who contacts you.

Red flags to watch for

Be alert to these warning signs that a communication or offer may be a scam:

Someone contacts you out of the blue about your super, claiming to be from Netwealth, the ATO, myGov, or another organisation, and asks you to take urgent action.

You’re told your account will be locked, you’ll miss a deadline, or you need to act immediately to avoid a penalty or secure a benefit.

Anyone asks for your password, PIN, one-time verification code, or tax file number. Netwealth will never ask you for these via email, SMS or phone.

Someone offers to help you withdraw your super before you’ve met a genuine condition of release. Outside very limited circumstances, early access to super is not permitted, and schemes offering this are illegal.

An investment opportunity promises guaranteed or unusually high returns with little or no risk. All investments carry risk, and no returns are guaranteed.

Someone you don’t know suggests setting up a self-managed super fund and transferring your balance into it.

Strengthening your account security

Take these steps to harden your Netwealth account against both scams and fraud:

If you haven’t already, enable MFA on your Netwealth account. This requires a second verification step (a code sent to your mobile) each time you log in, significantly reducing the risk of unauthorised access.

Use a password manager to generate a complex password that you don’t use for any other account. Change it immediately if you suspect it has been compromised or if you become aware of a data breach affecting a service where you use the same email address.

Make sure your mobile number, email address and postal address provided to us are current, secure, and belong to you. This ensures we can reach you quickly if we detect suspicious activity, and that you receive any security alerts we issue.

Log in to your Netwealth account regularly and check for any transactions, beneficiary changes, or personal detail updates you don’t recognise. The sooner unusual activity is identified, the more effectively we can respond.

Never access your Netwealth account by clicking a link in an unsolicited email or text message. Type the Netwealth URL directly into your browser or use the official Netwealth app downloaded from the Apple App Store or Google Play.

Understanding the genuine conditions of release for superannuation, such as reaching preservation age and retiring, or turning 65, helps you identify illegal early access schemes. Visit the ATO’s website for details.

Who to contact

Report a scam or get help

If you believe you have been targeted by a scam, or you notice something suspicious on your account, contact us immediately. Speed matters, the sooner we know, the more we can do to help protect your savings.

Netwealth scam and fraud reporting

1800 888 223 (Mon–Fri, 8:30am–5:30pm AEST)

contact@netwealth.com.au

Forward any suspicious emails claiming to be from Netwealth to contact@netwealth.com.au

What happens when you report

When you report a scam or suspicious activity to us, our specialist team will review your account, place any necessary temporary holds to prevent potential or further loss, investigate the activity, and work with you to secure your account. We will also report confirmed scam activity to relevant authorities including ASIC and law enforcement where appropriate.

If you have already lost money to a scam

If you believe funds have already been transferred as a result of a scam, take these steps in order:

1. Contact Netwealth immediately

Call us on 1800 888 223 or email contact@netwealth.com.au. We will take immediate action to investigate and, where possible, attempt to recover or freeze the transferred funds.

2. Report to your bank

If funds were transferred to an external bank account, contact your bank immediately and request they freeze the receiving account.

3. Report to authorities

Report the scam to ReportCyber (Australian Cyber Security Centre) and to Scamwatch (National Anti-Scam Centre). For identity theft, also contact IDCARE on 1800 595 160.

4. Secure your accounts

Change your Netwealth password, enable MFA if not already active, and change passwords on any other accounts where you used the same credentials. Review your myGov account for any unauthorised linking. When you call us we can assist you with these items.

5. Lodge a complaint if needed

If you are not satisfied with how your report has been handled, you can lodge a complaint with Netwealth at complaints@netwealth.com.au or with the Australian Financial Complaints Authority (AFCA) on 1800 931 678. AFCA provides a free and independent dispute resolution service.

Resources and further information

Staying informed about the latest scams is one of the best ways to protect yourself. The following resources provide up-to-date information and support.