The Australian Securities and Investments Commission has issued a directive to superannuation trustees to immediately strengthen anti-scam and fraud practices following a review that exposed significant communication gaps.
A desktop assessment of 47 superannuation funds revealed that while the "Big Four" banks scored positively in over 80% of scam-protection criteria, most super funds met only 40–60% of the same benchmarks.
ASIC Commissioner Simone Constant highlighted that the industry, which serves as a custodian for $4.3 trillion in retirement savings, has been slow to address evolving risks, contributing to $22 million in super-related scam losses in 2025.
The regulator's findings identified critical failures in the availability, quality, and actionability of online resources, noting that only one in five funds provided a dedicated contact method for reporting fraud.
Commissioner Constant emphasised that trustees have an "unavoidable responsibility" to protect members and warned that the sector must improve its defenses as it becomes an increasingly attractive target for criminals.
ASIC has now contacted selected trustees to demand urgent improvements and encouraged the industry to align with the Commonwealth Government's emerging Scams Prevention Framework to ensure members are sufficiently informed and supported against increasing digital threats.