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.