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.
Superannuation funds have posted another year of strong returns, but this time, the gains weren’t powered solely by Silicon Valley.
Australia’s $4.1 trillion superannuation system is doing more than funding retirements – it’s quietly fuelling the nation’s productivity, lifting GDP, and adding thousands to workers’ pay packets, according to new analysis from the Association of Superannuation Funds of Australia (ASFA).
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.