It is ridiculous that we should accept that any individual can lose their money because of a back door cyber attack on super funds. Any losses should be shared as they are not the fault of the individual user in any way. Our money is not stored away in 1 million separate safe deposit boxes which can be stolen. It is pooled into investments in shares are other things and our own accounts are just are just a number indicating how much of it is ours. A thief breaking in the door and changing that number should not really be taking our money but the super funds money.
Apart from that the super funds have sat on this knowledge for at least a few weeks preparing all their marketing messages together and the rest before announcing that people should check their accounts to see if anything has been changed. My wife is with Aware super and on the day of the announcement they introduced two factor authentication for the first time (i.e. log on with phone number check as well). Rolling out software changes takes time, to develop, test on Chrome, Edge, Safari, Iphone, Windows etc with valid, invalid, international phone numbers etc. So they have all prepared for a long time before telling us to check.
I find it amazing that I haven't had access to my super account for several days. I don't think my account was hacked, but I can't be certain. I would also like to go in and change my investment choices, before the share market dives any further and there are more losses to my balance. I know we're told to hold things steady, but I'm on the verge of retirement and I don't want to have so much held in shares in this trade war market.
Australian Super has a message on their site that the site is down and they're working on things, but there's no time given for when it will be up or any communications being sent out. I tried calling it was hopeless. I don't think this would be tolerated if banks just locked people out of their bank accounts because of high volumes but with super funds its somehow ok even though they're holding huge amounts of people's life savings. These super funds have had it too easy.
It is ridiculous that we should accept that any individual can lose their money because of a back door cyber attack on super funds. Any losses should be shared as they are not the fault of the individual user in any way. Our money is not stored away in 1 million separate safe deposit boxes which can be stolen. It is pooled into investments in shares are other things and our own accounts are just are just a number indicating how much of it is ours. A thief breaking in the door and changing that number should not really be taking our money but the super funds money.
Apart from that the super funds have sat on this knowledge for at least a few weeks preparing all their marketing messages together and the rest before announcing that people should check their accounts to see if anything has been changed. My wife is with Aware super and on the day of the announcement they introduced two factor authentication for the first time (i.e. log on with phone number check as well). Rolling out software changes takes time, to develop, test on Chrome, Edge, Safari, Iphone, Windows etc with valid, invalid, international phone numbers etc. So they have all prepared for a long time before telling us to check.
I find it amazing that I haven't had access to my super account for several days. I don't think my account was hacked, but I can't be certain. I would also like to go in and change my investment choices, before the share market dives any further and there are more losses to my balance. I know we're told to hold things steady, but I'm on the verge of retirement and I don't want to have so much held in shares in this trade war market.
Australian Super has a message on their site that the site is down and they're working on things, but there's no time given for when it will be up or any communications being sent out. I tried calling it was hopeless. I don't think this would be tolerated if banks just locked people out of their bank accounts because of high volumes but with super funds its somehow ok even though they're holding huge amounts of people's life savings. These super funds have had it too easy.
Thanks for the direct and straight forward explanation Bec, and the pragmatic advice
Thanks for sharing this Bec. On top of the market’s reaction to Liberation Day it’s been an “interesting” week for investors.