ASIC is urging immediate action from superannuation trustees to strengthen anti-scam and fraud practices after its latest review exposed significant gaps in communications for members.
ASIC assessed scams and fraud-related website content across 47 superannuation funds, benchmarking them against comparable website content from the big four banks (ANZ, Commonwealth Bank, NAB, and Westpac).
The review focused on the availability, quality and actionability of anti-scams and fraud content, including by checking the website content for clarity and relevance, prominence on the website and readability. ASIC's review found banks scored positively in over 80% of criteria assessed, whereas most super funds scored positively against just 40-60% of the same criteria.
ASIC Commissioner Simone Constant said despite being custodians of $4.3 trillion in Australian retirement savings, the superannuation industry has been slow to respond to evolving scams and fraud risks to members.
'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,' she 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.
'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.'
ASIC's review identified key areas for improvement:
- Availability: While most super fund websites included some material on scams and fraud, this information was often hard to find or lacked prominence. Several super funds provided no scam or fraud information on their websites at all.
- Quality: Two-thirds of super fund websites included examples of scams and fraud, but the quality varied. Content was frequently outdated, generic, or overly complex. Only 19% of super funds clearly defined what constitutes a scam, and one-third did not provide messaging on their website on common scam signs.
- Actionability: Only about one third of super fund websites provided actionable information for members to prevent or report scams and fraud. Just one in five offered a dedicated contact method for scam and fraud reporting. Banks consistently outperformed funds in providing clear, detailed action steps and dedicated reporting channels.
'The superannuation industry must act now to ensure its members are informed, protected, and supported in the face of increasing digital threats,' Commissioner Constant added.
ASIC has reached out to selected super trustees, highlighting these concerns and emphasizing the urgent need for improved website communications about scams and fraud.
Superannuation trustees are strongly encouraged to read and consider ASIC's January 2025 letter on protecting Australians against scams and fraud, as well as read and address the baseline measures we set out in REP 761 on scam prevention, detection and response by the four major banks, and REP 790 on anti-scam practices of banks outside the four major banks.
ASIC also encourages trustees to closely monitor the Commonwealth Government's rollout of the Scams Prevention Framework (SPF), including to inform their own anti-scam practices. While currently excluded from the SPF, the government has said the framework would be open to the future inclusion of the superannuation industry.
Background
ASIC's latest review involved a desktop analysis of anti-scam and fraud-related website content across 47 superannuation funds open to members.
Across the whole financial system, technological innovations and data breaches-including breaches involving identity documents-continue to heighten the risk of scams and fraud.
ASIC is concerned that the Australian superannuation industry is a growing target for scams and fraud, especially given its size, diverse membership and increasing digital activity. This was also highlighted by ASIC Commissioner Simone Constant in a January 2025 letter to superannuation trustees: 'As banks, telecommunications providers and other financial service businesses increase their anti-scam and anti-fraud capabilities, superannuation trustees must do the same or risk becoming a soft target.'
Supporting better retirement outcomes and member services and improving consumer outcomes remain a core strategic priority for ASIC. Combatting investment scams and reducing their impact on Australian consumers continues to be an ongoing priority for ASIC.
ASIC's Moneysmart has a dedicated webpage to help consumers minimise financial scam risks, which includes important guidance from the National Anti-Scams Centre (NASC).
More information
ASIC calls out superannuation trustees for weak scam and fraud practices
REP 790 Anti-scam practices of banks outside the four major banks
REP 761 Scam prevention, detection and response by the four major banks
