Superannuation funds managing trillions of dollars of retirement savings have been lashed for “weak” anti-scam protections, with the corporate regulator warning they are at risk of becoming a soft target for criminals.
The Australian Securities and Investments Commission will on Thursday write to super funds to order them to improve anti-scam measures after a review found they lacked even a “foundational” level of protection.
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Joanna Mather joined the AFR as an education reporter in 2008. She spent four years in the Canberra press gallery before becoming superannuation reporter in 2016, deputy news director in 2021 and wealth editor in 2023. Connect with Joanna on Twitter. Email Joanna at jmather@afr.com
