More big problems for big super

Bad things usually come in threes, right?

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Well, it seems that adage may not necessarily apply for the superannuation industry.

This month, cybercriminals targeted member accounts held by AustralianSuper, Australian Retirement Trust, Cbus, Hostplus, and Insignia Financial.

At time of writing, the only financial loss confirmed so far has been a combined $750,000 taken from 10 AustralianSuper accounts, all of which the fund has already reimbursed. But it's a figure far outweighed by the reputational damage for super funds.

Aussies, members of the impacted funds or not, were quick to react; many assuming the fact access to their account details was blocked while the funds investigated meant they'd too been a victim. Of course, that wasn't the case, but how were they to know? It's not like any of the funds proactively communicated with members ahead of the fiasco leaking to media.