Cyber security and your super

by Verve

We know that reviewing your cyber security might feel boring, and can often slip down in terms of priorities to your “to do” list, but now more than ever, it’s important to keep your security tight!

Keeping on top of your cyber security regularly can not only help prevent the exposure of your personal information, but it can also help protect you against a cyber attack. Trust us, a little effort now could potentially save you a whole lot of time, money and pain, later on.

Unfortunately, even with great cyber security hygiene, there can sometimes be a breach of your private data that is outside your control, as we’ve seen in the data breach at Optus and a range of identified scams.

Whether you’ve been directly impacted or not, now is a good time to complete a cyber security check-up. We’ve put together this article to provide you with information about how super is regulated and actions you can take to help keep your super and other accounts super secure (pardon the pun!).

Super regulated

If you’ve been affected by a breach of your personal data, it’s important to know that superannuation is highly regulated. And there are only certain conditions that allow access to super before reaching retirement.

If someone is applying to access their super, whether it’s for retirement or because they’ve met another condition of release, the super fund will typically require that this person verifies their identity and eligibility to receive this release of funds. 

If the super fund has any doubts about the legitimacy of the application or associated documentation, they’re likely to ask for more information. However in some cases, where the request is suspicious, they may report their concerns directly to the Australian Transaction Reports and Analysis Centre (AUSTRAC).

Super security

If you’ve been affected by a data breach or scam, there are a few steps you can take to help keep your super account secure:

  • Change the password to your online super account
  • Update the password on your email account that’s associated with your super
  • Check the personal details of your super account are correct and up-to-date
  • Consider a request for a “benefit block” to your super account, which means if there’s a request to transfer between funds or withdraw from your super account, additional security measures will apply.
  • Monitor your transactions for any suspicious or unusual activity.
  • Call your super fund and find out what they can do to support you. 

Cyber security hygiene

Even if you haven’t been directly affected by a known data breach or scam, it’s important to keep up your cyber security hygiene. Some simple ways to do this include —

  • Being alert for unusual emails, text messages or calls.
  • Regularly changing your email password.
  • Using a reputable password manager.
  • Being careful not to click any suspicious links.
  • If an email or call doesn’t feel right, contacting the person or organisation directly (and not through any links or web addresses provided).
  • Checking out the government website ScamWatch for recent scams.

Resources and support

Finally if you need more information about protecting your data or particular data breaches, then these sites are good to refer to:

We know it can be stressful if you’ve been impacted by a data breach. So please look after yourself and seek support if you’re feeling overwhelmed. IDCare may be able to link you up with an individual support service. The OAIC also has a list of support services, including BeyondBlue.

Stay safe!

This blog is published by Verve Superannuation Pty Ltd (ABN 65 628 675 169, AFS Representative No. 001268903), which is a Corporate Authorised Representative of True Oak Investments Ltd (ABN 81 002 558 956, AFSL 238184), as the Sub-Promoter of Verve Super. 

Verve Superannuation Pty Ltd and True Oak Investments Ltd are not licensed to provide personal financial advice. The information contained in this blog, including any financial guidance, is general in nature. You should consider seeking independent legal, financial, taxation or other advice to ensure that your financial decisions are suited to your unique circumstances.

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