Transmit Security partners with Wrkr to for super fund protection

Global identity and cybersecurity solutions provider Transmit Security has joined forces with ASX-listed Wrkr digital platform for superannuation transactions, for a strategic security partnership.

The two companies are aiming to enhance the security of superannuation funds, which have become increasingly attractive targets for sophisticated fraudsters due to their considerable value.

With total assets reaching $3.3 trillion at the end of 2022, according to the Australian Prudential Regulation Authority figures, the need for enhanced security measures has never been more pressing.

Recent incidents have highlighted the vulnerability of super funds to cyber threats.

In February 2024, AustralianSuper members were targeted by scammers attempting to redirect funds into high-risk investments.

"Our mission at Wrkr is to ensure that every contribution to our members' super funds is secure and reaches its rightful destination," said Trent Lund, chief executive of Wrkr.

"The increasing sophistication of fraudsters necessitates a robust and proactive defence strategy," Lund added,

Richard Metcalfe, regional vice president of Asia Pacific and Japan at Transmit Security, said that by integrating its solutions with Wrkr's innovative digital platform, his company is providing super funds with the highest level of security and trust, ensuring that members' future wealth is protected.

By joining forces, Transmit Security and Wrkr aim to address the rising threat of fraud and cyberattacks on financial institutions.

The National Scam Report revealed that Australians lost $2.74 billion to scams, with the number of reported incidents surging by 18.5 per cent.

Experts believe that up to 30 per cent of scams still go unreported, suggesting the true scale of the problem may be even larger.

Update This story has been amended to reflect that it was not SuperSA that was hacked, but its former call centre provider Contact 121 which had violated the terms of their contract and not deleted data as required.