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How secure is your super account?

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The past few years have seen significant data breaches from well-known Australian companies both inside and outside of the superannuation sector, exposing a huge amount of consumer personal identity information.
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The cyber-attacks on superannuation funds reportedly used a technique called "credential stuffing" where cybercriminals used personal information stolen in previous data breaches (like email addresses and passwords) to attempt to access member accounts.

In the wake of recent cyber-attacks on several large Australian super funds, you might be wondering if there are more step to protect your retirement savings.

Here are some practical steps you can take to help keep your super safe:

  • Keep track of your super account: The best defence is regular monitoring. Check your balance periodically, verify employer contributions are coming through, review your insurance cover, examine your annual statement, and ensure your contact details are current.
  • Upgrade your passwords to passphrases: Never reuse passwords across different accounts. Instead, create a passphrase, which is a sentence or mix of four or more words that's easy for you to remember but difficult for others to guess. Include a combination of upper and lowercase letters, symbols and numbers, and aim for at least 14 characters.
  • Enable Multi-Factor Authentication (MFA): MFA adds an extra layer of protection by requiring two or more verification methods to access your account. This typically combines something you know (password/PIN), something you have (mobile device/security token), or something you are (fingerprint/facial recognition). Check if your super fund offers MFA and enable it if available.
  • Protect your devices: Secure all devices you use to access your super account. Use strong passwords or passcodes, set up biometrics where possible, enable auto-lock when not in use, and activate "find your device" services so you can lock or wipe your device if it's stolen.
  • Be wary of unsolicited communications: Take your time to verify the identity of anyone contacting you unexpectedly. Don't click links in suspicious emails or texts. Contact your fund directly using the official contact details from their website.
  • Report suspicious activity: Alert your super fund immediately if something doesn’t seem right with your account or if you receive suspicious communications.

 

 

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Accounting & Taxation

We offer a broad range of accounting and taxation services to sole traders, businesses, organisations and inviduals.

Accounting & Taxation Services:

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Late & Problem Returns

This is when people or businesses are late with their BAS statements, Tax Returns and have been accruing debts such as fines and interest to the ATO as they have ignored the ATO.

I have been extremely successful in reducing tax debts in these instances. Two examples:

One client came to us owing $220,000 and 3 years behind. I brought all their BAS and tax return up-to-date and obtained a reduction of $160,000 in penalties and interest. We then entered them into a repayment program for the $60,000 which they have just finished paying off.

Another client had 18 months BAS outstanding and two years of tax returns. He had a tax debt of $62,000 with penalties. I was able to get a reduction of $37,000 in fines and penalties leaving him with a debt of $25,000 of which he still owes $5,000.

Both clients are very happy with these outcomes. Also, after I obtained the reductions and kept them up-to-date with their BAS and Tax Returns they have not only kept up repayments but have managed to ensure that all current BAS and payments have been kept up to date as well.

If you find yourself in a similar position then we are most likely able to help.

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I like a lot of Accountants use management information to track how a business is going. I also have actually managed a number of different types of businesses and taken them from losses to profit so I am able to advise clients on how to run their businesses including staff, computer programs, marketing of their product etc.

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Secure File Transfer is a facility that allows the safe and secure exchange of confidential files or documents between you and us.

Email is very convenient in our business world, there is no doubting that. However email messages and attachments can be intercepted by third parties, putting your privacy and identity at risk if used to send confidential files or documents. Secure File Transfer eliminates this risk.

Login to Secure File Transfer, or contact us if you require a username and password.

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In order to comply with the requirements of the Privacy Act, we are required to advise you that this firm holds personal information about you. The information has been and will continue to be collected by us for the purpose of providing you with financial services including:

We are required, pursuant to the Corporations Act, certain regulations issued by the Australian Securities and Investments Commission and the Rules of Professional Conduct of the Financial Planning Association, of which this organisation is a principal member, to collect information about you for the purpose of providing you with the services referred to above.

If you do not provide us with the information requested by us we may not be able to provide you with the services required.

We will from time to time disclose information about you to authorised representatives of this firm and to other professionals, insurance providers, superannuation trustees and product issuers in connection with the purposes detailed above. In the event we consider it necessary to use or disclose information about you for purposes other than those detailed above, or related purposes, we will seek your consent.

You are entitled to obtain access to the information which we hold about you by contacting the firm's Professional Standards Manager.