[CYBER STORY] Superannuation Hack: How "John" Almost Lost $200,000

Superannuation Hack: How "John" Almost Lost $200,000

Imagine waking up to find your superannuation account was wiped out... Every last cent gone. Stolen by hackers. Terrifying, isn't it?

For one Perth-based business owner who for privacy reasons we'll refer to as "John," this nightmare came dangerously close to reality.

Back in 2022, hackers breached iiNet’s email servers, which compromised up to 15,000 email accounts. Unfortunately for John, his email was among them.

From there, the hackers played the LONG game, sifting through his mailbox, collecting years’ worth of sensitive data that would put the Australian Federal Police to shame.  Passports, driver’s licenses, Medicare cards…. you name it, they had it.

When Convenience Comes at a Price (Sometimes to the tune of $200,000)

Like many of us, John didn’t think twice before emailing sensitive documents when booking holidays or securing a mortgage. It seemed harmless at the time—but those little moments of convenience came back to haunt him.

Armed with all the personal information they needed, the hackers contacted his superannuation fund impersonating him and sailed through the verification process. Why? Because they had everything: Names. Birthdate. IDs. The lot.

A perfect con—until it wasn’t

Luckily, an eagle-eyed team member at John's superannuation fund IOOF suspected something was off. They acted fast, alerting John and shutting the scam down before the damage was done. John’s $200,000 stayed safe, but that brush with disaster left a mark that’s hard to forget (and not just on the balance sheet).

How to Protect Yourself

The scariest part? This can happen to anyone. But you don’t have to wait for a close call like John’s to act. Here’s how you can protect yourself starting today:

  1. Think Before You Email: Avoid sending sensitive documents via email if you can. Once sent, those files are out of your control.

  2. Clean Up Your Sent Items: If you’ve sent sensitive info in the past, go back and delete it from your "Sent" folder. Don’t leave it sitting there as a liability.

  3. Strengthen Your Security: Use multi-factor authentication (MFA) wherever possible. It adds an extra layer of protection hackers will struggle to bypass.

  4. Stay Updated: Regularly update your systems and software. Outdated tech creates weak spots that hackers love.

  5. Get Expert Advice: If you’re not sure where to start, bring in cybersecurity advisors to assess your risks and shore up your defences.

 

Don’t Wait for a Crisis!

John escaped what could have been a devastating financial loss, but not everyone gets that lucky. With more than $2 billion lost to cybercrime in 2024 alone, the time to act is now.

Take control of your data security, clean up your digital footprint, and make life harder for hackers. Watch the video version here for more insights and visuals: Watch Now

For more tips and strategies to protect your business and personal data, download my free eBook today.

Take a stand against scammers and safeguard what's yours. Don't scroll past this. Share it with your boss, colleagues or loved one now.

ABOUT THE AUTHOR: JARROD RAMSAY

Jarrod’s entrepreneurial journey began at 19, reselling telco services for brands like Telstra, Vodafone and Vocus. Realising he wanted more, he sold his business and dove into Managed IT Services, launched a telco division and built a public cloud platform.

These bold moves weren't just about competition; they're about creating better solutions for his clients.

Today, Jarrod thrives on collaborating with business owners, sharing ideas, and tackling challenges with creative strategies. Whether you're an entrepreneur, a business owner, or an employee responsible for the ICT services at your business, feel free to reach out—he'd love to connect.