Superannuation peak body ASFA has today launched a new Scams and Fraud Toolkit and companion Scams Policy Template to help superannuation trustees strengthen their fraud and scam controls and respond to regulatory and community expectations around financial crime prevention.
The resources bring together the key legal obligations and prudential expectations that apply to trustees in relation to scams and fraud, consolidating them into easy to read, practical reference points. They have been developed with legal support from Mills Oakley and contributions from Legal & Prudential.
The Toolkit and Scams Policy Template form part of ASFA’s broader work under the Superannuation Cyber and Financial Crime Coordination Framework (SC3), a major initiative to uplift the sector’s cyber resilience and prevent scams and financial crime in super. It follows the earlier release of ASFA’s Cyber Security Toolkit in May 2025.
ASFA CEO Mary Delahunty said the new tools are about strengthening protection for superannuation fund members and supporting the sector’s commitment to staying ahead of emerging risks and regulatory expectations.
“Superannuation is the largest financial asset most Australians will ever hold outside the family home. Trust that the superannuation system will keep those Australians retirement savings safe from fraud and scams is pivotal,” Ms Delahunty said.
“The super sector is strongly committed to continuous improvement when it comes to combatting cybercrime, fraud and scams.
These resources will facilitate that uplift, by pulling together the relevant laws, prudential standards and better practice guidance in one place, and translating them into something readily accessible to trustees and service providers to protect superannuation fund members.”
What the ASFA Scams and Fraud Toolkit covers
The ASFA Scams and Fraud Toolkit provides trustees with a comprehensive and practical reference point for understanding and addressing fraud and scam risks within the superannuation system.
The Toolkit:
- Maps the main legislative and prudential obligations that shape trustees’ fraud and scam responsibilities
- Summarises prevention, detection and response expectations for trustees under existing APRA and ASIC guidance
- Sets out common superannuation fraud and scam risks, such as unauthorised transfers, rollover fraud and misuse of member credentials, along with indicative controls and reporting expectations
- Provides practical checklists trustees can use to test whether their risk management frameworks and operational risk settings adequately address fraud and scam threats
What the Scams Policy Template covers
Alongside the Toolkit, ASFA has also published a Scams Policy Template, giving trustees a structured policy framework that can be adapted to their own risk profile and operating model.
The Scams Policy Template:
- Brings together the core elements expected within a scams policy framework, including governance, prevention, detection, reporting, disruption and remediation
- Aligns with the emerging scams prevention model and the expectations of key regulators
- Clarifies the roles of boards, senior management and accountable persons in overseeing scam risk and certifying the effectiveness of controls
Ms Delahunty said the Template is intended to save funds time and support more a consistent practice across the system.
“We are giving trustees a thorough policy structure, which they can adjust to their own operational circumstances. Each fund will tailor their own, but ASFA’s proactive policy development should mean fewer gaps and faster uplift.”
For further information, please contact:
ASFA media team
0451 949 300
mediaunit@superannuation.asn.au
About the Association of Superannuation Funds of Australia (ASFA)
ASFA, the voice of super, has been operating since 1962 and is the peak policy, research and advocacy body for Australia’s superannuation industry. ASFA represents the APRA regulated superannuation industry with over 100 organisations as members from corporate, industry, retail and public sector funds, and service providers. We develop policy positions through collaboration with our diverse membership base and use our deep technical expertise and research capabilities to assist in advancing outcomes for Australians.
We unite the superannuation community, supporting our members with research, advocacy, education and collaboration to help Australians enjoy a dignified retirement. We promote effective practice and advocate for efficiency, sustainability and trust in our world-class retirement income system.