Scams retirees should be on the lookout for

From offers that claim to be “safe” investments, to increasingly convincing impersonation using new technology, scammers are becoming more sophisticated in how they approach people. Retirees are often targeted because they may have accumulated savings, superannuation, or receive regular pension income, and may naturally prefer stable, low‑risk financial options.

The good news is that understanding how these scams work can go a long way toward keeping you protected.

We share some of the most common scams currently affecting Australians, along with practical tips to help you safeguard your finances and give you peace of mind.

Term deposit and bond scams

With many retirees preferring investments that offer steady and predictable returns, scammers sometimes pose as well‑known Australian banks or trusted financial institutions. They may promote fake “term deposits” or “bonds” that sound legitimate but don’t actually exist.

These offers can appear as online advertisements, social media posts, or emails and often look very convincing. They may use familiar logos, professional language, and reassuring phrases such as “guaranteed”, “capital protected” or “government backed”.

If you’re asked to transfer money to a BSB and account number provided in one of these offers, there’s a risk the funds may be going directly to a scammer. There is no real investment behind the offer, and unfortunately, once money is transferred, it can be very difficult to recover.

Fake celebrity endorsements

Scammers are using AI to create realistic videos and images of celebrities or public figures to promote fake investment opportunities.

These endorsements are designed to build trust quickly and push people to act without thinking. While there may be subtle signs, like unnatural movements or mismatched audio, they’re becoming harder to spot.

Be cautious of online endorsements unless you can verify them through official or trusted sources. Also watch out for urgency tactics like “limited time” or “don’t miss out,” which are used to pressure quick decisions.

Voice-cloning scams

Scammers are now using AI to copy a person’s voice using only short audio samples. This can result in a phone call, voicemail, or text message asking you to call back. When you do, you may hear a voice that sounds just like a child, grandchild, or other family member. The caller may say they’re in trouble and urgently need money transferred. These situations are designed to be upsetting and to prompt fast decisions without time to think.

A simple and effective way to protect yourself is to slow things down. Hang up and call the family member directly using a number you already know and trust. Many families also choose to set up a private code word or phrase that must be used if there is ever a genuine emergency request.

Remote access scams

In a remote access scam, you may receive an unexpected call, email, or message from someone claiming to be from your bank, phone provider, myGov, the ATO, or “IT support”. They may say there’s a problem with your account or that your computer or phone has a virus and needs urgent fixing.

You may then be asked to install an app or software that gives them remote access to your device. If this happens, the scammer can see what’s on your screen or even take control of your device. This can allow them to capture passwords, access internet banking, and make unauthorised transfers.

A good rule of thumb is that legitimate organisations won’t ask you to install software or give them access to your device. If you’re contacted unexpectedly, it’s best to hang up and contact the organisation directly using a trusted number.

Romance scams

Some scammers take advantage of people looking for companionship or connection. They may create fake profiles on dating apps or social media and spend time building what feels like a genuine relationship.

Once trust has been established, they often suggest moving the conversation to a private messaging app. Over time, they may begin asking for money, perhaps to help with medical expenses, cover travel costs so they can meet you, or to join an “investment opportunity” together.

A key warning sign is being asked for money by someone you have never met in person. If you’re ever unsure or feeling pressured, it’s important to pause and talk things through with a trusted friend, family member, or your financial adviser before taking any action.

What can retirees and their families do to stay safe?

• Be cautious of unexpected phone calls, text messages, emails or social media messages promoting investments or asking for personal or banking details.

• Treat online investment ads with care. Even professional‑looking ads that mention well‑known Australian organisations can be misleading.

• Keep in mind that legitimate banks, phone companies and government agencies will never ask for your password, one‑time security codes, or to install software on your device.

• Take your time. Scammers often create urgency or play on emotions like fear or excitement to push people into acting quickly.

• If something doesn’t feel quite right, stop and check. Talk it over with a trusted friend, family member or your financial adviser, and contact your bank or provider using the phone number listed on their official website.

What to do if you suspect a scam

If you think you may have been targeted by a scam (or if you’ve already sent money), act as quickly as you can:

• Stop all contact immediately.
  Don’t send any more money, click links, download apps, or continue the conversation.

• Contact your bank straight away.
  Ask them to place a stop or recall on any payments if possible, and to review recent transactions, including any new payees.

• Secure your accounts.
  Change your passwords (email, myGov, and online banking), turn on multi‑factor authentication, and consider a credit ban if personal or identity information was shared.

• Keep a record of what happened.
  Save any emails, messages, screenshots, phone numbers, bank details, and transaction confirmations. This can help with investigations and recovery.

• Report the incident.
  Report the scam to Scamwatch, and if your identity details were shared, contact IDCARE for support and guidance on next steps.

• Let your financial adviser know.
  We’re here to help. Whether that’s checking whether an opportunity is legitimate or putting extra safeguards in place for your accounts.

Scams can be confronting, but staying informed and taking a cautious approach can make a real difference.

If you ever have questions or concerns, your financial adviser is here to help you navigate these situations with confidence and peace of mind.