Australian super funds face scrutiny after $22M in scam losses, with regulators urging better fraud prevention and member education.

Australian superannuation funds are under scrutiny as scam-related losses hit $22 million, with regulators warning that the $4.5 trillion industry—projected to reach $6 trillion by 2030—faces growing fraud risks. ASIC found many funds lack clear, actionable scam prevention info on websites and offer few dedicated reporting channels. While some use two-factor authentication, communication gaps and weak complaint analysis hinder fraud detection. Regulators urge better member education and oversight, especially for high-risk transactions. The Association of Superannuation Funds of Australia acknowledged shortcomings and pledged improvements.