Australia’s largest pension funds have fallen victim to a series of cyberattacks that compromised over 20,000 accounts and resulted in significant financial losses for some members. Among the reported thefts, hackers are said to have stolen A$500,000 from the accounts of four pensioners.
Sources familiar with the incident revealed that the cybercriminals targeted several major pension funds, including AustralianSuper, Australian Retirement Trust, Rest, Insignia, and Hostplus. These funds manage a combined total of over A$873 billion in retirement savings for millions of Australians.
AustralianSuper, one of the largest funds managing A$365 billion for approximately 3.5 million members, confirmed that hackers had gained access to around 600 member accounts by using stolen passwords. The breach has raised serious concerns over the security of personal financial data and the vulnerability of retirement savings systems in the country. Authorities are now investigating the scale and extent of the attack.
