https://www.theregister.com/2025/04/04/australian_retirement_funds_attacked/
Australian retirement fund operators are scrambling after reports emerged of unauthorized access to customer accounts leading to theft of cash. Most Australian workers have retirement accounts thanks to a requirement that employers pay an 11.5 percent “superannuation” contribution on top of wages. The payments are made into “super funds” of a worker’s choice. Over 100 super funds compete for workers’ dough, usually by promoting the returns they generate and their easy-to-use apps and web portals that allow customers to control how their funds are invested. While competition among funds is good for consumers, it means super funds need to achieve infosec excellence to guard members’ balances - which collectively exceed AUD$4 trillion ($2.5 trillion) On Friday it emerged some super funds’ infosec has been tested, and found wanting. The peak body for super funds, the Association of Superannuation Funds of Australia (ASFA), on Friday said it is “aware that last weekend hackers attempted to get through the cyber-defenses of a number of superannuation funds.” … Superannuation funds are generally not accessible until account-holders turn 60, so if crims have managed to cash out some accounts they’ve either compromised many victims and found some ripe for exploitation, or done some homework on who to target. … Australia’s superannuation system last came to our attention in 2024 when Google Cloud deleted systems it ran for a fund called UniSuper.
I WISH I had an 11.5% contribution on top of wages :gawks: :gawks: :gawks:
Regards