Last Friday, several major Australian superannuation funds, including AustralianSuper, Rest, HostPlus, Insignia (formally IOOF), and Australian Retirement Trust, have experienced a suspected coordinated cyberattack, resulting in the theft of hundreds of thousands of dollars from members’ retirement savings.

Cybercriminals accessed accounts using stolen passwords, reportedly obtained from the dark web or other breaches. This highlights the reason for not using the same password across multiple accounts.

Given the Australian Superannuation market is estimated to be valued at $4.2 Trillion, we can assume that this will not be the last attempt on Australians’ retirement savings.

What should you do to protect your retirement savings?

  1. Change the password on your super account to a unique password and not one you reuse for multiple logins
  2. Check the phone number listed on your account is correct
  3. Check the email address listed on your account is correct
  4. Enable 2-factor authentication (2FA) to your login (if your account allows it)

If you have any concerns on the above or have any other matters related to superannuation, please contact Benjamin King Money Wealth who can assist further.

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