13 February 2025
Banks welcome the passage today of critical scam fighting legislation to better protect Australians and help drive financial losses down even further.
This new Scam Prevention Framework and the industry codes that will follow for banks, telcos and digital platforms are crucial in ongoing efforts to scam-proof Australia.
ABA CEO Anna Bligh said Australia was leading the way in its comprehensive approach to scam prevention and this was a significant moment in continued attempts to harden the country against scammers.
“Australia is tackling scams from all angles. This new framework prioritises preventing people from being exposed to scams in the first place,” Ms Bligh said.
“This is a game-changer in the fight against scammers and will ensure all parts of the scams chain are held to account for their responsibilities to prevent, detect, report, disrupt and respond to scams.
“Our world first approach will make sure telcos and the digital platforms have strong safeguards in place to stop scams from reaching consumers.
“Australian banks will also be held to account for the actions they are taking to protect customers. Banks are ramping up anti-scam measures through our industry’s Scam-Safe Accord.
“Scam losses are down by 33 per cent, however there is still more work to be done to drive them down even further. We now have the legislative foundation to stay one step ahead of scammers and drive them out of Australia.”
ABA Chief of Policy Christopher Taylor said with the framework now enshrined in law, it was important effective mandatory industry codes were developed to ensure all regulated entities are required to take strong action to combat scams.
“Banks will now work closely with the Government and other sectors on the development of mandatory industry codes as well as a single complaints body to provide more consistent outcomes for customers,” Mr Taylor said.
“We also encourage the Government to move promptly to expand the framework to other sectors such as cryptocurrency, superannuation and other payment providers.”
Latest news
The ABA welcomes the release of the Council of Financial Regulators’ (CFR) reviewinto small and medium-sized banks. ABA CEO Anna Bligh said the review findings and recommendations would helpensure there is a more level playing field for Australia’s small and mid-tier banks. “This is an important step forward in ensuring Australia maintains a strong andcompetitive… Read more »
EO&E Nadia: Banks has been a big topic of discussion on the show this week because, of course, we’ve just been talking about behavioural security that the bank is bringing in. Earlier, I was telling you during the week that older women can’t get a credit card in their own name. They’re secondary card holders… Read more »
The Productivity Commission proposal to tax business cash flow is an experimental change that hasn’t been tried anywhere else in the world. This tax increase risks putting more pressure on all Australians still struggling under cost-of-living pressures. While some businesses may benefit under this proposal, it risks all Australian consumers and businesses paying more for… Read more »