1 December 2023
“The Australian Banking Association applauds action from the Government to legislate a voluntary Digital ID as the nation’s first line of defence against cybercrime,” ABA CEO Anna Bligh said.
A Digital ID means Australian companies won’t need to store copies of your personal information, reducing the risk of data theft. It also means people can apply for a passport, a mobile phone, a bank account within seconds using a digital identity established with a trusted digital identity provider.
“If scammers can’t open false accounts with stolen or fake ID documents, the scam will be stopped in its tracks. Less copies of personal records out in the world means less risk for Australian consumers. A Digital ID will act as a shield against the scourge of scammers currently preying on the Australian people,” said Anna Bligh.
A nationwide Digital ID is critical in underpinning the banking sectors efforts to safeguard Australians against scammers.
The ABA and Customer Owned Banking Association (COBA) recently announced a Scam-Safe Accord as a new offensive in the war on scams. It reflects the banking sector’s unwavering commitment to safeguarding every Australian.
At the heart of the Scam-Safe Accord is a $100 million investment by the industry in a new confirmation of payee system to be rolled out across all Australian banks. Confirmation of payee will help reduce scams by ensuring people can confirm they are transferring money to the person they intend to.
Banks have also committed to introduce new and higher protections into their systems, meaning customers should expect more warnings and delays when paying someone new or increasing payment limits. To prevent misuse of accounts through identity fraud, all banks will uplift technology and controls, including all major banks introducing unique identification measures known as biometric checks when opening new accounts.
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The ABA acknowledges the release of the 2025-26 Mid-Year Economic and Fiscal Outlook. The Government’s forecasted $8.4 billion reduction in the deficit over the forward estimates including a $5.4 billion reduction for year’s deficit is welcome. Lower deficits and claimed savings of $20 billion over the next four years is a beginning towards ensuring our national finances are on a more sustainable footing. While this Budget update contains lower forecasts of spending as a share of GDP, the ABA notes the importance of ongoing spending restraint to help reduce inflationary and interest rate pressures. Banks… Read more »
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