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.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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