Super trustees must act immediately to close ‘significant’ anti-scam gaps

The banks scored positively in over 80 per cent of the criteria that ASIC assessed, while most super funds scored positively for around 40-60 per cent of the same criteria. ASIC warned that funds had significant gaps in their fraud communications strategies.

“Our latest review of superannuation website content confirmed that super funds often lacked clarity, accessibility, and support for scam victims. When benchmarked against other industries, super funds fell short for victims,” ASIC commissioner Simone Constant said.

“It is time for super trustees to step up and minimise scam and fraud risks to members, which, according to the National Anti-Scam Centre, suffered $22 million in losses from super-related scams in 2025.”

ASIC has previously raised concerns about vulnerabilities in Australia's superannuation industry, warning that the $4.3 trillion sector was increasingly becoming a target for scammers and fraudsters. The sector’s size, diverse membership and increasing digital exposure all made it a more attractive target, the regulator noted.

Following its review, ASIC urged super trustees to improve the availability, quality and actionability of their anti-scam and fraud content.

While most fund websites included some information about scams and frauds, ASIC found that the information was often difficult to find or lacked prominence. Furthermore, the featured content was frequently outdated, generic or overly complex.

The regulator also found that super trustees’ scam and fraud messaging was of mixed quality. Only 19 per cent of super funds clearly defined what constituted a scam, and one-third did not provide messaging on their website detailing common signs of scams.

Furthermore, only one in five funds offered a dedicated contact method for their members to report scams and fraud. ASIC found that only a third of websites provided actionable information that guided members on what to do if they encountered scams or fraud.

“Super trustees have a clear and unavoidable responsibility to oversee risk and ensure these emerging threats are identified and managed actively. Yet scam and fraud prevention, detection, and response capabilities are still not sufficiently addressing risks to members,” Constant said.

“The superannuation industry must act now to ensure its members are informed, protected, and supported in the face of increasing digital threats.”