Australia's largest pension funds hit by hackers, thousands of dollars stolen

Date:
Fri, 04 Apr 2025 09:31:15 +0000

Description:
Australian government says it is working on a response to major attack.

FULL STORY

Australias superannuation industry is experiencing a barrage of cyberattacks which have seen customers already lose more than AU$500,000.

AustralianSuper, Australian Retirement Trust, Rest, Insignia and Hostplus all confirmed breaches, with the former confirming losing 600 member passwords , which cybercriminals tried to use in fraud attacks.

"We took immediate action to lock these accounts and let those members know," AustralianSuper's Chief Member Officer Rose Kerlin said, stressing that all members should reinforce their accounts with new, stronger passwords, and
that they should check their balances.

Unusual login activity

Four members have cumulatively had AU$500,000 withdrawn from their accounts, Reuters further reported, citing an anonymous source. AustralianSuper is yet
to comment on this information.

Rest Super, on the other hand, confirmed that the attack affected 20,000 accounts. "Over the weekend of 29-30 March 2025, Rest became aware of some unauthorized activity on our online Member Access portal," Rest CEO Vicki
Doyle said. We responded immediately by shutting down the Member Access
portal, undertaking investigations and launching our cyber security incident response protocols."

Australian Retirement Trust also observed unusual login activity on several hundreds of accounts, but no withdrawals were attempted.

The countrys government has acknowledged these incidents and said it was working on a response.

The industry is a key component of the nation's savings system. It has seen substantial growth and consolidation in recent years. As of December 2024,
the industry managed approximately $4.17 trillion in total superannuation assets, up 11.5% increase from the previous year. At the same time, there are approximately 23.1 million member accounts across 960 superannuation
products.

Via Reuters

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Link to news story: https://www.techradar.com/pro/security/australias-largest-pension-funds-hit-by -hackers-thousands-of-dollars-stolen

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