Australia’s retirement savings pool is at risk of cybercrime and fraud attacks as the sector continues to grow, according to a whitepaper authored by payment technology company InPayTech.
The paper titled 'Keeping our Money Safe' said superannuation funds, payroll providers and employers needed to increase their commitment to protection from data breaches and fraud attacks.
The paper noted the rise of ‘mega-superfunds’ as superannuation fund amalgamations increased due to the Australian Prudential Regulation Authority’s (APRA’s) ongoing focus on underperformance.
The paper also addressed that the New Payments Platform (NPP) was set to become the ‘backbone’ of Australia’s payment architecture and when it was integrated with SuperStream seamlessly, InPayTech predicted it would have meaningful benefits for employers and employees.
Dean Martin, InPayTech chief executive, said payment technology firms needed to make meaningful investment in adapting their operations and services to integrate themselves with NPP infrastructure.
“As ‘big-data’ becomes ‘mega-data’, pay-tech vendors will need to develop scalable systems and processes, enabling organisations to quickly and effectively process ever-increasing volumes of data,” Martin said.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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