Recent cyber attacks on two of Australia’s largest super funds – AustralianSuper and the Australian Retirement Trust – have highlighted the growing attractiveness of super to scammers. While big funds with billions of dollars in investments are irresistible to criminals, that does not mean self-managed super funds (SMSFs) can relax their guard.
For example, the National Anti-Scam Centre recently reported that it is seeing a significant increase in phishing scams trying to make people believe their bank accounts or cryptocurrency wallets have been hacked or compromised.
These scams use urgency, a common tool of scammers, and when combined with fear, can make normally rational people do irrational things.
In some good news, the National Anti-Scam Centre’s Targeting Scams report found that overall scam losses fell by 26% in 2024 to $2 billion. Admittedly, that is still a large sum.
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