Super Consumers Australia warned that more work needs to be done from funds to mitigate risks of super scams, as the advocate group’s recent survey found 81 per cent of Australians want their funds to provide more active protection.
The Financial Services Council on Monday published its new Scam Mitigation Standard which requires its super fund members to have clear policies and procedures in place for dealing with scams and fraud, including enabling multi-factor authentication for high-risk transactions.
But SCA is calling for a wider adoption in the industry, despite FSC standards’ delayed implementation timeline (mandatory from 2026) and limited scope in ensuring scam prevention.