Articles

Why SMSF Trustees Must Act Now on Cybersecurity

Published: April 2025 | Reading time: 3 minutes

 

🔒 Your Self-Managed Super Fund May Be More Vulnerable Than You Think

With over $1 trillion in SMSF assets and an aging member base, cybercriminals are increasingly targeting retirees and tech-shy investors. Recent data from the National Anti-Scam Centre shows Australians lost over $134 million to scams in the first half of 2024—47.6% of those losses were from people aged 55 and over.

In an environment of rising cybercrime, doing nothing is no longer an option.

 

🚨 Why This Matters to Trustees

Shelley Banton, Head of Technical at ASF Audits, warns that while SMSFs may operate independently, trustees are still legally obligated to act in members’ best financial interests.

“Are trustees acting in the best interests of members if they ignore basic security steps?” – Shelley Banton

Failure to implement basic cybersecurity—like Multi-Factor Authentication (MFA) on financial accounts—could lead to litigation under Section 55 of the SIS Act if financial losses occur.

 

✅ What You Can Do Today

To reduce your exposure to scams and identity theft, start with these 7 critical tips:

Enable Multi-Factor Authentication (MFA) on all your investment, super, and email accounts.
Never click on login links from emails or SMS messages.
Double-check recipient info before transferring funds.
Use crypto platforms that are AFSL licensed and AUSTRAC compliant.
Keep your software updated and run antivirus scans regularly.
Beware of “high return” offers or those promoting early access to super.
Partner with professionals who use best-practice digital protections.

 

🌐 Investing in Crypto or Overseas Assets?

Think again before storing sensitive investment information in spreadsheets or sock drawers. Crypto scams and fake investment schemes are rampant, especially those not classified as financial products. Always use secure, licensed platforms—and question any unsolicited offers.

 

🛡️ In Summary

Cybersecurity is no longer an IT issue—it’s a trustee obligation. If you’re not actively protecting your SMSF, you could be exposing your retirement savings—and your identity—to unnecessary risk.

Need help tightening your SMSF’s digital defences?
📩 Contact us today.

 

Source:
Cambourne, Keeli. Advisers need to educate SMSF clients on best security measures: technical expert, April 11, 2025. Published by SMSF Adviser.

Posted in Articles at 11 April 25