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.
Love is in the air, but so are scammers looking to exploit the season of hearts and flowers. As Valentine’s Day approaches, the Australian Banking Association (ABA) urges everyone to be extra cautious and scam-proof their heart from romance scams and other fraudulent schemes. “Scammers play the part and prey on people’s emotions,” ABA CEO… Read more »
Banks have dedicated hardship teams on standby to help those impacted by Tropical Cyclone Kirrily and the Australian Banking Association has urged those in need of financial assistance to reach out. “With the second major cyclone in as many months followed by torrential rain, people in Queensland have been dealt yet another serious blow. I… Read more »
Today the Australian Banking Association has told Queenslanders impacted by major flooding as a result of cyclone Jasper that banks have teams on standby to help those in need. “The ABA urges anyone in need of financial assistance to reach out to their bank, and to do so as early as possible. Dedicated hardship teams… Read more »