28 May 2026
The ABA acknowledges today’s release of designations, draft industry codes, draft rules and a government discussion paper regarding the Scam Prevention Framework (SPF).
Banks will scrutinise these SPF settings carefully to ensure they:
- remain focused on an ecosystem approach with scam prevention at the forefront
- make Australia a less, not more attractive target for scammers
- set clear obligations for designated businesses to help reduce losses
- continue efforts to encourage consumers to take sensible steps to avoid being scammed.
ABA CEO Simon Birmingham said the most important policy objective of the SPF needed to be preventing scam losses in the first place.
“Scams are a global scourge that no government nor any single industry can solve alone, which is why Australia’s world-leading ecosystem approach is critical,” Mr Birmingham said.
“The SPF builds on the strong protections Australia’s banks have already put in place through our industry’s Scam-Safe Accord such as Confirmation of Payee and the flagging of high-risk payments.
“Stopping consumers from being exposed to scams is the best way to drive down losses and make it harder for scammers to operate in Australia.
“Banks particularly welcome obligations that close gaps in scam prevention, such as the other sectors being required to identify who their customers are, as banks are already expected to do.
“Such basic obligations could have a profound impact on ending tragic losses such as those that begin with scam investment advertisements on social media platforms.”
Mr Birmingham also said with around 90% of scam losses coming from individuals losing more than $5000, it was critical the SPF focused on stopping these life changing, high-value losses.
“While there may be merit in some streamlined processes for considering low-value losses, any compensation should be tied to SPF code breaches by designated businesses, not simply shuffle losses around the economy and incentivise scammers to target low-value opportunities,” Mr Birmingham said.
“To make it harder for global scam networks to operate here, our scam laws need to cover the full gamut of scam activity. That’s why banks continue to urge the Government to extend the SPF to other sectors such as dating apps and crypto platforms.
“We thank the Assistant Treasurer for his engagement and look forward to working with him to ensure the SPF drives down financial losses and makes Australia a less attractive destination for scammers.”
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