Individuals are still able to consolidate their super through the ATO,MyGov or by providing rollover details to their funds,but super funds'access to SuperMatch has been stopped.
The federal government froze its super early access scheme in early-May following claims up to $100,000 had potentially been stolen from up to 150 accounts by sophisticated criminals. They had taken advantage of struggling households trying to access $10,000 after losing income due to the coronavirus pandemic.
The notification to super funds of the latest freeze said preliminary inquiries"have highlighted that some funds'online account creation controls were not sufficiently strong to prevent potentially fraudulent online account creation".
Loading
"In the interest of protecting super funds and individuals,SuperMatch has been disconnected to all funds until such time as the superannuation industry can work with the ATO to provide increased certainty that they have mitigated the risk of weak online account creation controls,"said the email,seen byThe Sydney Morning Herald andThe Age.
The ATO,APRA,the Australian Securities and Investments Commission and Australian Transaction Reports and Analysis Centre would work with the industry about options to re-establish funds'access to the feature,ATO and APRA's notification said.
Labor financial services spokesman Stephen Jones said the issue would be raised on Thursday morning at the Select Committee on COVID-19,where regulatory officials including APRA chairman Wayne Byres and ASIC chairman James Shipton will be questioned during the public hearing.