Super Funds Targeted by Cyber Criminals
I have said on the show a number of times that cyber criminals look for honey pots of either data or money (or both!). Their goal with data is to use it to grab access to a corresponding pot of cash. Here is where Super Funds come to the party. We have Trillions sitting in Super. So if you were going to target a pot of money, this is a very large one. By grabbing your data, the goal is to use it to then steal your money.
So it was with some concern when many Australians, including me, logged into their super fund account this week to see a running balance of $0. Funds have been targeted this week so like many, we headed to our funds to check all was well. I am with Australian Super and in my opinion their communication with customers was rubbish. No email, no alert on Twitter/X, no alert on my app when I eventually logged in (it took hours!). I did get a reply from Aus Super on Twitter/X after I posted, but this is not close to good enough. It was not just me, there were comments all over the internet about similar experiences. We have trillions of dollars sitting in Super and Aus Super is the largest Industry Fund, under attack and not communicating with customers, not fast enough anyway.
The communication is one thing, but putting this to the side – we all need to work to ensure our money is kept safe and we all have a requirement to do our bit.
How can you do your bit?
Two things, firstly your password. Only ever use a good password, and use it once for each online service. To help you, try a password manager like Bitwarden
Second, use the 2-factor authentication on your account. This means if some one tries to log in, you will get an alert to your phone (usually your phone). This means there are two things needed to access your money.
You MUST use both these features because it will provide higher level security for your account, and if this is breached you can present to the fund that you ‘did the right thing’ in protecting your account.
Read more about the latest attack here, and make sure you lock down your Super Fund account.
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