7 November 2024
The ABA welcomes the introduction into the Parliament of critical scam fighting legislation to better protect Australians.
ABA CEO Anna Bligh said the Federal Government’s proposed Scams Prevention Framework is the best way forward to prevent, detect, report, disrupt and respond to scams.
“This is an important step forward in our ongoing work to scam-proof Australia and stay one step ahead of the international criminal gangs behind these scams,” Ms Bligh said.
“Australia has already made inroads in the fight against scammers. Scam losses here are falling at a greater rate than many other countries around the world.
“It is crucial that we tackle scams from every angle. The main purpose of this framework is to harden the country against scammers by preventing people from being exposed to them in the first place.
“This world first approach will ensure telecommunication companies and the social media platforms have strong safeguards in place to stop scams from reaching consumers.
“Australian banks will also be held to account for the actions they have taken to protect customers. Banks have been on the front foot and are putting in place some of the strongest anti-scam protections in the world through the industry’s Scam-Safe Accord.
“Our industry also welcomes the establishment of a clearer and more consistent pathway to compensation for consumers where businesses have failed to meet their obligations.”
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 Scam-Safe Accord can be found here.
Contact: Benn Ayre | [email protected] | 0428 342 325
Twitter | Facebook | LinkedIn | www.ausbanking.org.au
Latest news
E&OERadio Interview2SM Sydney8 May 2026. Topics: Banking hardship support for customers; competition within the banking sector. Tim Webster (Host): So, we’ve done a story ourselves, and it’s a troubling time for people who have a mortgage. They just copped an interest rate rise, and the suggestion is there’ll be even more of them throughout the… Read more »
Customers facing financial stress from ongoing cost pressures and higher loan repayments are being urged to get in touch with their bank if they need support. ABA CEO Simon Birmingham said banks have a range of practical measures they can put in place to help customers navigate the current economic environment. “Australian banks recognise that… Read more »
Good afternoon and thank you to the Trans-Tasman Business Circle for the invitation to speak today. I want to welcome you all here today for this event and the critically important subject I will be talking about, the emerging contribution gap between Australia’s domestically domiciled company and the rise of big tech. It is a timely moment to take stock. In… Read more »