So the most important piece of security any super fund can offer is two-factor or multifactor authentication. Two-factor authentication sends a notification to your device, for you to confirm or deny, with every login attempt.
It means that even if a hacker can determine your password, they still won’t be able to access your account.“Two-factor authentication is that number one step in the defence layer today,” says Brennan. “It gives an extra layer of security.”
An extra layer of authentication should be switched on for log-ins and every high-value transaction you make.
“Aware Super members [will] be prompted to go through the multi factor-authentication process both when they’re logging in, but also if they’re looking to submit a withdrawal for processing.”
Cheung agrees it’s the best tool we have to fight back against scammers.
“Whenever there’s an option to enable multifactor authentication or two-factor authentication, please do so. This will ward off many of the attacks,” he says.
Aware Super’s Jo Brennan.
What you can do to protect your super
Thanks to the prevalence of credential stuffing, using a strong, unique password also makes a huge difference. “Increase the length and also the complexity [of the password],” says Cheung, and avoid reusing the same password for multiple accounts.
And it pays to ensure your contact details – both mobile phone and email – are up-to-date, so your fund can contact you quickly if they notice any suspicious activity.
“At Aware Super, we have our call centre based in Australia, so that means that we can act super quickly if we need to and be in contact with our members,” says Brennan.
Another reason superannuation can be vulnerable to hackers is that we don’t always check super accounts as regularly as we do everyday banking accounts. That means we might not necessarily notice straight away if something is awry.
Brennan says cyber criminals “are looking for opportunities to find access to money that perhaps people aren’t paying too much attention to.” For that reason, she says it’s vital to regularly engage with your super.
“We really encourage our members to regularly check their balance,” she says, adding that Aware has an app that makes checking balances easy.
“You can check your retirement savings at any time – and that’s a great way of keeping them safe.”
- Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.
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