The past few years have seen significant data breaches from well-known Australian companies both inside and outside of the superannuation sector, exposing a huge amount of consumer personal identity information.
The cyber-attacks on superannuation funds reportedly used a technique called "credential stuffing" where cybercriminals used personal information stolen in previous data breaches (like email addresses and passwords) to attempt to access member accounts.
In the wake of recent cyber-attacks on several large Australian super funds, you might be wondering if there are more step to protect your retirement savings.
Here are some practical steps you can take to help keep your super safe:
Keep track of your super account: The best defence is regular monitoring. Check your balance periodically, verify employer contributions are coming through, review your insurance cover, examine your annual statement, and ensure your contact details are current.
Upgrade your passwords to passphrases: Never reuse passwords across different accounts. Instead, create a passphrase, which is a sentence or mix of four or more words that's easy for you to remember but difficult for others to guess. Include a combination of upper and lowercase letters, symbols and numbers, and aim for at least 14 characters.
Enable Multi-Factor Authentication (MFA): MFA adds an extra layer of protection by requiring two or more verification methods to access your account. This typically combines something you know (password/PIN), something you have (mobile device/security token), or something you are (fingerprint/facial recognition). Check if your super fund offers MFA and enable it if available.
Protect your devices: Secure all devices you use to access your super account. Use strong passwords or passcodes, set up biometrics where possible, enable auto-lock when not in use, and activate "find your device" services so you can lock or wipe your device if it's stolen.
Be wary of unsolicited communications: Take your time to verify the identity of anyone contacting you unexpectedly. Don't click links in suspicious emails or texts. Contact your fund directly using the official contact details from their website.
Report suspicious activity: Alert your super fund immediately if something doesn’t seem right with your account or if you receive suspicious communications.
The setting up of a SMSF and all administration tasks such as preparation of your trust deed and the completion and lodgement of relevant ATO statements.
Ensuring your SMSF is compliant with current superannuation laws and regulations
Secure File Transfer is a facility that allows the safe and secure exchange of confidential files or documents between you and us.
Email is very convenient in our business world, there is no doubting that. However email messages and attachments can be intercepted by third parties, putting your privacy and identity at risk if used to send confidential files or documents. Secure File Transfer eliminates this risk.
Login to Secure File Transfer, or contact us if you require a username and password.
Disclaimer
Information provided on this web site is general in nature and does not constitute financial advice.
Peter Price & Associates has taken reasonable care in providing this information, unless expressly stated, it should not be construed as being specific to your investment objectives, financial situation or particular needs.
Peter Price & Associates will endeavour to update the web site as needed. However, information can change without notice and Peter Price & Associates does not guarantee the accuracy of information on the web site, including information provided by third parties, at any particular time.
This information is prepared for residents of Australia only. Any currency references are references to Australian dollars unless otherwise specified.
Unless otherwise specified, copyright of information provided on this web site is owned by Peter Price & Associates. You may not alter or modify this information in any way, including the removal of this copyright notice.
This web site does not offer securities or other financial products, nor does it invite subscriptions for securities or other financial products to any person outside Australia. Peter Price & Associates does not guarantee the repayment of capital or any particular return from, or any increase in, the value of any Peter Price & Associates products unless otherwise expressly agreed.
Further, Peter Price & Associates disclaims any liability for loss, damage, cost or other expense which you may incur as a result of any information provided on this web site, to the extent that such liability is not excluded by law.
Legal Statement & Privacy Policy
This publication provides general advice only. No direct or implicit recommendations are given in this publication. This means the general advice provided has not been prepared taking into account an individuals particular financial circumstances (ie investment objectives, financial situation or particular needs). You should assess whether the advice is appropriate to individual financial circumstances before making an investment decision.
Save for statutory liability which cannot be excluded Peter Price & Associates disclaim all responsibility for any loss or damage which any person may suffer from reliance on this information or any opinion, conclusion or recommendation in this publication whether the loss or damage is caused by any fault or negligence on the part of Peter Price & Associates or otherwise.
Peter Price & Associates Pty Ltd adopts a strict 14 day payment term for all accounts rendered. Full payment of fees must be made 14 days from date of each invoice, unless otherwise agreed upon by Peter Price & Associates Pty Ltd.
You have the options of paying by credit card (Master Card or Visa Card), cash, cheque, money order, direct credit, or we can deduct our fees from your ATO refund. Please contact us for account details if your choose to direct credit to our account, we can also accept credit card payments via phone.
In the event that your payment is late, to the extent permitted by law, interest and charges for late payment will begin to accrue after 30 days from the due date. Payment plans can be arranged to avoid disruption to services. Any costs incurred by debt collectors will be added to outstanding fees payable.
