From www.khq.com.au: ASIC has urged superannuation trustees to enhance their anti-scam and anti-fraud measures following a review that revealed weak practices in addressing scams that impact members’ accounts.

ASIC’s letter outlines specific actions trustees should take, including assessing current measures and fostering collaboration within the industry to improve detection capabilities.

In response, the Association of Superannuation Funds of Australia defended the sector’s efforts against scams, highlighting the effectiveness of existing protections while advocating for a clearer distinction from traditional financial institutions.