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.
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.