22 May 2024
The Australian Banking Association today welcomes the release of new data from the National Anti-Scam Centre (NASC) showing scam losses continue to fall.
The latest NASC quarterly report shows overall scam losses reported to Scamwatch in the 2024 March quarter were down by 10.8% compared to the previous quarter. Whilst losses reported to the Australian Financial Crimes Exchange fell by 41.2%.
ABA CEO Anna Bligh said banks continue to step up to the plate to protect Australians from scams.
“This is further evidence that inroads are being made in the fight against scammers,” Ms Bligh said.
“Whilst it’s encouraging that losses are falling, Australians are still losing too much money to the criminal gangs behind many of the scams that are out there.
“Banks have some of the strongest anti-scam protections in the world and continue to stop payments to high-risk crypto exchanges as well as transfers to suspect accounts.
“Our industry is also pushing ahead with implementing our Scam-Safe Accord which will set an even higher standard of protection by banks to protect consumers from scammers.
“We also welcome the $37.3 million in additional funding in last week’s Federal Budget for the implementation of mandatory industry scams codes.
“Banks back mandatory industry codes. However, in order to best shield Australians from scammers, it’s critical that all part of the scams chain get behind these mandatory codes, including social media platforms.”
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 latest National Anti-Scam Centre quarterly report can be found here.
Latest news
E&OERadio InterviewABC Radio Sydney29 July 2026 Topics: ASIC report into offset accounts Thomas Oriti: Do you have an offset account? I think most people with a mortgage do. If you don’t know what I’m talking about, it’s an account that’s linked to your mortgage and it saves you interest. So, I’ll give you an example…. Read more »
E&OETV InterviewABC News29 July 2026. Topics: ASIC report into offset accounts Ros Childs: Borrowers are being advised to check if they have paid more interest than they should following an ASIC review. The two-year review conducted by the corporate watchdog has found weaknesses in how eight banks monitored and managed offset accounts, resulting in borrowers… Read more »
E&OETV InterviewDoorstop29 July 2026 Topics: ASIC report into offset accounts Journalist: Simon, what’s your reaction to the report from ASIC today? Simon Birmingham: ASIC’s report is really important and it’s welcomed by the banking industry. This report shows that in well over 99 per cent of cases, mortgage offset accounts are working exactly they should… Read more »