Chief ombudsman David Locke said it is important that super fund trustees review the steps they have in place to protect members from fraud.

“The fact that scam and unauthorised transaction complaints in super are still low means there’s a window of opportunity for trustees to act so we don’t experience the sorts of issues seen elsewhere,” he said.

In May, the ASIC issued a warning following a review that identified some cold-calling operators using high-pressure sales tactics to lure consumers with unsolicited calls after obtaining their personal information from third-party data brokers or using online clickbait.

At the time, ASIC said these have led to generation and referral arrangements with a small subset of financial advisers who typically recommend consumers switch to super products, incurring significant fees.

“Some of these cold calling operators are pressuring consumers in critical retirement-saving years to move their savings when it is not in their best interests, putting them at risk of having less super as a result of inappropriate investments, fees and charges,” ASIC commissioner Alan Kirkland said.

AFCA data also showed a surge in complaints about comprehensive motor vehicle insurance, contributing to the record number of complaints in the banking, finance and general insurance sectors.

Banking and finance complaints rose 11 per cent to 59,636 and general insurance complaints four per cent to 29,096, as of the preliminary snapshot at June 30.

Scam-related complaints rose 81 per cent to 10,951 in 2023–24, averaging 913 a month compared with 504 a month the previous financial year. That was reflected in personal transaction accounts being the most complained about product overall, while transactions that customers considered unauthorised were the most common issue in complaints to AFCA in 2023–24.

“We saw scam-related complaints dip a little towards the end of the year, possibly reflecting recent government and industry efforts to prevent and address scams,” Locke said.