Protect your savings from super villains

Published: 27 Jun 2019

Superannuation is supposed to be synonymous with financial security, but cybercriminals don’t see it that way.

As Deloitte highlights in a 2018 information paper [1], Australia’s superannuation system screams pay dirt for cyber criminals for wide-ranging reasons. We’re the fourth-largest superannuation market in the world and people are generally pretty set-and-forget with their super accounts. A lot don’t check their accounts or read their statements too often. This means that the time between a fraud event and an account holder cottoning on to it can be significant. And now, as the superannuation industry better enables Australians to perform transactions across a range of devices around-the-clock, savvy cyber attackers are capitalising on new security vulnerabilities.

So how concerned should you be?

A 2016 Australian Prudential Regulation Authority[2] report indicates that the superannuation industry has the highest incidence of material cyber incidents, with 75 percent of respondents stating they have had incidents that required referral to executive management. The industry also reportedly has the lowest level of preparedness for an incident.

You can be proactive about protecting your super. Some of the steps you can take include monitoring your balance, keeping your details up to date, reading your annual statements and tracking your employer’s contributions. Practice good password hygiene by creating a strong password and change it regularly. Keep your devices secure with auto locks and learn to recognise email and SMS scams designed to trick consumers into providing their account details.

If you’re in a position to choose your own super fund, some of the key comparisons to make are around factors such as fees, key benefits, the fund’s performance in the last five years, insurance options and the services provider offers.

It’s smart to get to know the features and functionality of your product so you can actively maximise its benefit and develop good habits to avert cybercrime.

A great to keep an eye on your super is to register for the Energy Super Member Portal. You’ll have 24/7 access to your Energy Super account, view your contributions, investment options, you level of insurance cover and more. If you’ve not already done so, register today at energysuper.com.au

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