The open letter, signed by ASIC Commissioner Simone Constant, outlines our guidance for superannuation trustees in preventing, detecting and responding to scams and fraud activity.

Superannuation trustees have a key role to play in minimising the risk of scam and fraud risks to members, given they are the custodians of the second largest asset for many Australians.

With scammers employing increasingly sophisticated tactics to manipulate superannuation members, taking prompt and proactive steps to monitor and address scam activity is vital.

Superannuation trustees are the gatekeepers of their members’ money and cannot outsource their obligations to third parties when it comes to protecting their members from scams.

The Commissioner’s letter follows an ASIC review of 15 superannuation trustees which found none had an organisation-wide scams strategy in place.

ASIC’s review of the anti-scam practices of superannuation trustees forms part of our ongoing focus on disrupting investment scams in the broader financial services landscape.

In 2023, we published Report 761 Scam prevention, detection and response by the four major banks (REP 761) and in 2024, we published Report 790 Anti-scam practices of banks outside the four major banks (REP 790).

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Open letter to Superannuation Trustees (PDF 262 KB)

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