Cyber attack on super funds highlights urgent need for real protections against fraudsters, scammers and hackers
Media reports of a coordinated cyber attack on multiple major Australian super funds has laid bare the urgent need for super funds to step up protections and to be brought under the new Scams Prevention Framework.
“Reports of this cyber attack on at least five big super funds are shocking and unsettling,” said Super Consumers Australia CEO Xavier O’Halloran. “This is people’s financial future at risk. And the details and extent of this attack are still emerging.”
The breach follows consistent warnings from the regulators and consumer advocates that the super sector as a whole is lagging on cyber-resilience and fraud and scam protections.
“Australians are legally required to put their money into super. Today’s news is chilling when we know super funds aren’t doing enough to protect Australians’ retirement savings.
“When something goes wrong, too many people are being left without support, answers, or access to their own money.”
Superannuation is currently not included in the new Scams Prevention Framework, which will lift protections for customers of banks, telecommunications providers and digital platforms.
“We’re calling on the next Government to urgently extend the new protections to safeguard Australians’ retirement savings against fraudsters, scammers and cybercriminals.”
“The super system has no excuse to be unprepared. It’s time to meet community expectations and protect people’s money when it matters most.”
What to do if you’re concerned your super may be affected
If you’re concerned about today’s news:
- If possible – log in to your super account to check your details are correct and change your password.
- Watch out for communications from your super fund.
- Contact your super fund if you see any unusual activity e.g. SMSs or emails about transactions or changes that you have not requested.