ASFA, the voice of super, is proud to announce the launch of the ASFA Financial Crime Protection Initiative (FCPI), a significant project designed to bolster the superannuation sector’s defences against the growing threat of financial crime. In collaboration with ASFA’s diverse membership base, this initiative represents a united effort to protect Australia’s retirement savings from increasingly sophisticated cybercrime and fraud-related risks.
“Superannuation is the cornerstone of financial security for most Australians. This work will help to fortify our industry, helping it remain resilient in the face of these growing challenges,” said ASFA CEO Mary Delahunty. “By working together, we stand a better chance of safeguarding people’s savings and maintaining the trust and integrity of the superannuation system.”
The initiative builds on the foundation of previous ASFA work, including guidance on fraud controls which came into effect on 1 July 2024, and Cyber Forums run from 2021.
ASFA’s FCPI will:
- Enhance collaboration and knowledge sharing between funds and critical service providers including custodians, administrators and tech providers
- Develop industry-wide frameworks to combat financial and cybercrime
- Connect the superannuation sector, relevant government agencies and related financial services bodies
- Help make Australians aware of the actions they can take to protect their super and data from scammers
“ASFA is uniquely placed to lead this work across our broad membership base, and proud to be driving this initiative, ensuring the sector is prepared to tackle evolving risks with a proactive and unified approach,” said ASFA CEO Mary Delahunty.
This work builds on the momentum of the Government’s recent Scams Prevention Framework, underscoring the importance of a coordinated response to financial crime
“As the Minister for Cyber Security, Tony Burke, noted in a speech today, the rapid pace of development of risk in this area means public and private partnerships will be necessary to meet and beat cyber threats,” said Ms Delahunty.
“As the peak body for superannuation, ASFA is in a unique position to bring together the superannuation sector, regulators and government to help keep Australians’ super safe.”
“Australia’s superannuation system is the envy of the world, let’s make it impenetrable for criminals as well.”
For further information, please contact ASFA Media team: 0451 949 300
About ASFA
ASFA, the voice of super, is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system, so all Australians can enjoy a comfortable and dignified retirement.
