ASIC is Australia's corporate, markets, financial services and consumer credit regulator. Our vision is for a fair, strong and efficient financial system for all Australians. ASIC uses social media to communicate and engage with the public and our stakeholders about our programs and work. We welcome user interaction on ASIC's official social media accounts. As a participant on any of ASIC's social media accounts, you agree to: • keep your content relevant to the topic and discussion; • use fair and respectful language and be courteous; • refrain from offensive language, or language that amounts to discrimination, a threat or harassment; • refrain from the promotion of any commercial products/services; • refrain from posting personal, private or confidential information; • refrain from breaching the intellectual property rights of others; • not impersonate other people or organisations; • not promote illegal or unethical behaviour; • be aware that social media is a public space, and all interaction is publicly viewable and searchable over time; • recognise that ASIC moderates its accounts, and any comments and contributions that do not comply with these rules may be removed, and where users continually breach the rules, or breach the rules in a significant way, may be removed and banned from ASIC's account; • recognise that contributions made by users or links or shared content posted by ASIC do not necessarily represent ASIC's views; and • adhere to the usage rules and standards set by the host site (e.g. Facebook, Twitter, LinkedIn) of this social media account. Questions and enquiries of a sensitive nature should be sent directly to ASIC, and not posted on social media. This will protect your personal information and allow ASIC to reply more promptly. More information about how to contact us is available on at www.asic.gov.au Journalists or organisations seeking official comment must contact ASIC's Media Unit: media.unit@asic.gov.au
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Cybercriminals often take advantage of uncertainty and try to capitalise on anxiety or fear around known incidents. Here’s my latest update on the evolving superannuation funds cyber incident. No one action can completely eliminate the risk of being impacted by a cyber-attack, but by implementing a range of these together we can all become harder targets. Steps you can take to protect yourself are available at cyber.gov.au
Scammers are setting up fake websites that look like ASIC Connect. These sites are designed to trick you into sharing personal or sensitive information. Some even include links to real ASIC pages to make them seem legitimate. To stay safe, always check that you’re on asic.gov.au or asicconnect.asic.gov.au before entering details or using ASIC services online. If you come across a website pretending to be us, let us know by submitting an online inquiry (https://lnkd.in/gJ6Qntib) with details or a screenshot of the suspicious website. To read the scam alert, see our link in the comments.
We’re asking for feedback on our plan to make it easier for people to see, at a firm-level, how financial services and credit licensees are handling complaints and reporting breaches of the law, with the intention of creating interactive dashboards later this year. ASIC Commissioner Alan Kirkland said the new dashboards will give the public a clearer picture of how firms are behaving - and where they’re falling short. ‘Publishing Reportable Situations and Internal Dispute Resolution data will encourage firms to lift their game. It also provides consumers and investors access to this data at firm level, further encouraging confident and informed participation in the financial system,’ Commissioner Kirkland said. You can provide feedback by COB Wednesday 14 May 2025 to data.publication@asic.gov.au. Read more in the first comment.
Is your super account more exposed than you think? Several super funds have locked some member accounts following a recent cyber incident. This type of attack, known as credential stuffing, can happen when people reuse passwords across multiple platforms and attackers use stolen details to try and access accounts. Warning signs include: • Unexpected changes to your contact or bank details • Transactions you didn’t make • Password reset attempts you didn’t request To protect yourself and your balance: ✅ Use strong, unique passwords ✅ Turn on Multi-Factor Authentication (MFA) if your fund offers it More via first comment
We partnered with the RBA to issue a joint letter to ASX addressing our increasing concern over the management of operational risk at ASX, following the CHESS batch settlement failure incident that occurred on 20 December 2024. In the letter, we expressed our deep concerns about the potential for operational incidents, such as the CHESS batch settlement failure, to affect the ability of the CHESS system to reliably service the Australian equities market until CHESS is replaced. We outlined our expectations that ASX needs to give the highest priority to the immediate remediation of issues that caused and exacerbated the December 2024 incident. To read the media release, see our link in the comments.
We are calling on the superannuation industry to urgently review and improve how it handles death benefit claims. Our latest report highlights the serious harm that poor claims handling practices can cause grieving Australians. We’ve set out 34 recommendations for superannuation trustees, focusing on key areas such as: • Faster response times and improved customer service • Better monitoring and reporting about handling timeframes • Streamlined processes and procedures • Improved staff training and guidance • Removing barriers for First Nations members and claimants • Clearer communication and better engagement. Our message to the industry is clear: claimants deserve a compassionate and efficient process during some of the most difficult moments in their lives. See what our review revealed. The full report is linked in the comments.
Safe phones can be a crucial lifeline for victims of domestic violence 📱 We’ll soon be donating 1,400 old phones and 550 iPads to DV Safe Phone to provide victims a secure way to access emergency services and support networks. A huge thank you to Vicky Roulis, our Cloud Delivery Manager, for making this possible. Together, we can create a safer and more supportive community. #CommunitySupport #DomesticViolenceAwareness
We’re committed to keeping Australians safe from scams. Our work with the National Anti-Scam Centre (NASC) is making a real difference in the fight against investment scams. The latest Targeting Scams Report shows investment scam losses in Australia fell in 2024 – a sign that stronger protections and scam disruption efforts are paying off. Here’s what we’ve achieved together: • Investment scam losses dropped from $1.3 billion in 2023 to $945 million in 2024 – a 27.3% decrease. • An average of more than 100 investment scam and phishing websites were taken down each week. • Around 90 suspected scam companies, businesses, and websites were added to Moneysmart’s Investor Alert List each month. As part of our efforts to protect consumers and investors from scams, we've also been sharing warnings, removing fraudulent sites, and working with the NASC and its members as well as regulators across the Asia-Pacific to tackle online threats. Find out more in the report – link in the comments.
The Federal Court has imposed a penalty of $10.5 million against Active Super for greenwashing misconduct. ‘This is a significant penalty that sends a strong message to companies making sustainable investment claims that those claims need to reflect the true position,’ ASIC Deputy Chair Sarah Court said. Check the first comment to read more. #Superannuation #Greenwashing
Payday lenders may be breaching consumer protection laws. Our review found that some lenders who provide small amount credit contracts may be attempting to move vulnerable consumers into contracts with fewer protections. Commissioner Alan Kirkland said, ‘Consumers who access these products are often financially vulnerable. That’s why people who use small amount credit contracts are subject to additional protections.’ As part of our enforcement priorities, we will continue to investigate business models designed to avoid consumer credit protections. Check the first comment to read more.