Hackers have targeted major pension funds in Australia. They hacked more than 20,000 accounts. National cyber security coordinator Michelle McGuinness said she was aware of cybercriminals targeting accounts in the country’s A$4.2 trillion retirement savings sector.
The country’s largest fund, AustralianSuper, has confirmed this. It manages 365 billion Australian dollars for 3.5 million members. AustralianSuper has said that passwords of 600 members were stolen to access accounts and commit fraud. Chief Member Officer Rose Kerlin said: “We took immediate action and informed our members.”
According to the source, a total of 500,000 Australian dollars was withdrawn from the accounts of four AustralianSuper members and transferred to other accounts. The Australian Retirement Trust, the second-largest fund managing A$300 billion for 2.4 million members, said unusual login activity was detected. The affected accounts were locked. However, no suspicious transactions were made.
Rest Super, the default industry pension fund for retail workers, said it had been targeted, with about 20,000 accounts affected. It has A$93 billion in assets under management.