‘No faith’: funds letting down Aussies on scam risks

The custodians of Australia’s $4.2 trillion in retirement savings must do better to shield their members from fraudsters and scammers, the corporate watchdog says.

Superannuation trustees are falling behind other industries in communicating scam risks and supporting targeted members, according to an Australian Securities and Investments Commission review of fund communications.

“Our latest review of superannuation website content confirmed that super funds often lacked clarity, accessibility, and support for scam victims,” commissioner Simone Constant said on Wednesday.

“When benchmarked against other industries, super funds fell short for victims.”

ASIC wants superannuation funds to lift their game to protect Australians’ nest eggs. (Lukas Coch/AAP PHOTOS)

The review, which examined anti-scam and fraud content on company websites for clarity, relevance and prominence, found super funds are significantly lagging the banks.

Banks scored positively in 80 per cent of measured criteria, compared to between 40 and 60 per cent for super funds.

The commission wants funds to lift their game to protect Australians’ nest eggs, which were $22 million lighter in 2025 due to scams, according to the National Anti-Scam Centre.

“Super trustees have a clear and unavoidable responsibility to oversee risk and ensure these emerging threats are identified and managed actively,” Ms Constant said.

ASIC found that while most funds offered some kind of information on scams and fraud, it was often hard to find, while several funds offered no information at all.

The quality of information also raised eyebrows at the corporate watchdog, with content often noted as “frequently outdated, generic, or overly complex”.

Less than two in five funds clearly outlined what a scam was, while one in three offered no messaging on common warning signs, the review found.

And only one-third of funds provided actionable information on how to prevent or report scams, and only one in five had a dedicated contact method to report scams or fraud.

Banks scored well in 80 per cent of measured criteria, compared to 40 to 60 per cent for super funds (Michael Currie/AAP PHOTOS)

Consumer advocate Super Consumer Australia backed the report and urged the federal government to add super funds to its national Scams Prevention Framework rollout.

The framework sets out rules and requirements for businesses in segments targeted by scammers, but so far it only applies to banks and financial firms, telecommunications providers and digital platforms like social media and messaging services.

“After another year of insufficient action, we have no faith the sector will resolve these problems on their own,” the advocate group’s chief executive Xavier O’Halloran said.

Poor customer service and limited call centre hours also left Australians exposed to scam risk.

“People who fear they may have been a victim of a scam or fraud can’t even call their super fund to get help,” Mr O’Halloran said.

He wants to see the introduction of enforceable customer service standards.

“It’s time the super sector did its fair share in safeguarding Australia’s financial system and protecting their members’ retirement savings from scams and fraud.”

AAP has sought comment from industry representative, the Association of Superannuation Funds of Australia.