7 November 2024
The ABA welcomes the introduction into the Parliament of critical scam fighting legislation to better protect Australians.
ABA CEO Anna Bligh said the Federal Government’s proposed Scams Prevention Framework is the best way forward to prevent, detect, report, disrupt and respond to scams.
“This is an important step forward in our ongoing work to scam-proof Australia and stay one step ahead of the international criminal gangs behind these scams,” Ms Bligh said.
“Australia has already made inroads in the fight against scammers. Scam losses here are falling at a greater rate than many other countries around the world.
“It is crucial that we tackle scams from every angle. The main purpose of this framework is to harden the country against scammers by preventing people from being exposed to them in the first place.
“This world first approach will ensure telecommunication companies and the social media platforms have strong safeguards in place to stop scams from reaching consumers.
“Australian banks will also be held to account for the actions they have taken to protect customers. Banks have been on the front foot and are putting in place some of the strongest anti-scam protections in the world through the industry’s Scam-Safe Accord.
“Our industry also welcomes the establishment of a clearer and more consistent pathway to compensation for consumers where businesses have failed to meet their obligations.”
The banking industry’s Scam-Safe Accord includes:
- a $100 million investment by banks in a new confirmation of payee system, ensuring people can confirm they are transferring money to the person they intend to
- introducing more warnings and payment delays to protect customers
- adopting further technology and controls to help prevent identity fraud, such as the use of at least one biometric check for new individual customers opening accounts
- investing in a major expansion of intelligence sharing across the sector
- all banks to implement anti-scams strategies.
More information on the Scam-Safe Accord can be found here.
Contact: Benn Ayre | [email protected] | 0428 342 325
Twitter | Facebook | LinkedIn | www.ausbanking.org.au
Latest news
Michael McLaren (Host): Well, here we are at the Easter Show, the great celebration of country life in the city, but it’s also an important platform this to better understand the challenges that the regions face. Now, yesterday, we looked at the floods. Today, I want to look at the banks. Now in the regions,… Read more »
The ABA is reminding customers across North and Far North Queensland that they don’t have to tough it out on their own, as they continue to recover from February’s severe flooding event. ABA CEO Anna Bligh recently met with Queensland’s State Recovery Coordinator Andrew Cripps to discuss how banks can assist customers facing financial difficulty… Read more »
Banks stand ready to support customers in western Queensland and parts of New South Wales affected by heavy rainfall and flooding. ABA CEO Anna Bligh said customers don’t have to tough it out on their own and banks have a range of practical measures to assist those facing financial stress. “This is a challenging time… Read more »