The Australian Securities & Investments Commission (ASIC) has published findings from a review of scams and fraud-related website content across 47 superannuation funds, urging trustees to take immediate action to close major gaps in how members are informed, protected and supported. The desktop review benchmarked super funds’ online content against comparable material from ANZ, Commonwealth Bank, NAB and Westpac, and found that banks met over 80% of assessed criteria while most super funds met only 40–60%. The assessment tested the availability, quality and actionability of online information, including clarity, relevance, prominence and readability. ASIC found scam and fraud information was often hard to find or missing altogether, content was frequently outdated, generic or overly complex, and practical guidance was limited: only 19% of super funds clearly defined what constitutes a scam, around one-third did not provide messaging on common scam signs, only about one-third provided actionable information on preventing or reporting scams and fraud, and just one in five offered a dedicated contact method for scam and fraud reporting. ASIC cited National Anti-Scam Centre data showing AUD 22 million in losses from super-related scams in 2025, in a sector that holds AUD 4.3 trillion in retirement savings. ASIC has contacted selected superannuation trustees to highlight the concerns and encouraged trustees to consider ASIC’s January 2025 letter on protecting Australians against scams and fraud and baseline measures outlined in REP 761 and REP 790. Trustees are also encouraged to monitor the Commonwealth Government’s rollout of the Scams Prevention Framework, which is currently excluding superannuation but has been flagged as open to future inclusion.

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