Australia's superannuation funds fortified against cyber threats

With Australia's superannuation assets reaching AUD $3.3 trillion, they have become a prime target for cybercriminals. Recent breaches and sophisticated scams, such as attempts to defraud AustralianSuper members and the breach of Super SA, underscore a pressing need for stronger protective measures.

In response, Transmit Security and Wrkr have announced a strategic partnership aimed at bolstering the security of these vital funds against mounting cyber threats. The collaboration focuses on fortifying the security and integrity of superannuation funds, which are increasingly targeted as significant investments in Australia.

The Australian Prudential Regulation Authority (APRA) reported that the total assets in the superannuation system reached AUD $3.3 trillion by the end of 2022, highlighting the critical role these funds play in the financial futures of Australians. However, as these assets grow, so does their allure to cybercriminals. In February 2024, scammers targeted AustralianSuper members in attempts to funnel funds into high-risk investments, and a 2023 breach of Super SA impacted thousands of members, showcasing the funds' growing vulnerability.

Trent Lund, CEO of Wrkr, stressed the importance of the partnership, stating, "Our mission at Wrkr is to ensure that every contribution to our members' super funds is secure and reaches its rightful destination. The increasing sophistication of fraudsters necessitates a robust and proactive defence strategy. After reviewing numerous cybersecurity options, we found Transmit Security to be the most aggressive and effective in preemptively countering fraud. Their expertise and innovative solutions make them the ideal partner in this ongoing battle against cyber threats."

Transmit Security offers advanced fraud prevention tools, robust customer identity management, and seamless integration capabilities, aligning well with Wrkr's commitment to secure superannuation transactions. Richard Metcalfe, RVP, Asia Pacific & Japan at Transmit Security, commented, "Partnering with Wrkr is a significant step towards fortifying Australia's superannuation funds against escalating cyber threats. Our technology is designed to anticipate and neutralise fraud attempts before they impact the end users. By integrating our solutions with Wrkr's innovative digital platform, we are providing super funds with the highest level of security and trust, ensuring that members' future wealth is protected."

This partnership arises amid a backdrop of increasing fraud and cyberattacks on financial institutions, including superannuation funds. The National Scam Report disclosed that Australians lost AUD $2.74 billion to scams, a slight decrease from AUD $3.1 billion the previous year. The number of reported scams surged by 18.5%, with an estimated 30% of scams going unreported. More sophisticated scams, particularly those targeting superannuation funds, are expected to increase these statistics.

Wrkr's digital platform facilitates efficient and secure superannuation transactions, and with Transmit Security's advanced defences, the partnership aims to set a new benchmark in protecting super funds. This initiative ensures that superannuation funds can transition from legacy systems to a more secure, agile, and resilient approach to member security.