From www.claytonutz.com: ASIC has issued a warning to superannuation trustees, urging them to assess and improve their anti-scam measures in light of increasing scam risks targeting fund members.
Trustees are encouraged to integrate complaints handling with scam prevention strategies and ensure that their outsourcing agreements with administrators adequately address scam detection and response.
ASIC’s focus on scams arises from findings that many trustees lack foundational anti-scam practices and are overly reliant on traditional fraud measures, highlighting the need for a more comprehensive approach to protect their members.