Disrupt
The scam
A homeowner pays a builder for work on their home. But an unscrupulous scammer has hacked the builder’s email and changed the builder’s BSB and account number on their invoice to the scammer’s account.
New $100m industry-wide ‘confirmation of payee’ system
All retail banks will soon implement new name-checking technology to confirm who you’re paying and stop customers being manipulated into paying a scammer when names on account details don’t match. Expect to be alerted when you may be paying someone you are not expecting to pay, with increased warnings highlighting your potential risks.
System build commences December 2023 and will be rolled out over 2024-2025.
ON TRACK FOR COMPLETION 
The scam
Gangs of scammers fraudulently open bank or telco accounts using driver’s licence and passport number details stolen through major data breaches.
Biometric checks and other controls for new online accounts
All retail banks will adopt technology and controls to better verify a customer’s identity and prevent identity fraud with at least one biometric check (fingerprint, facial recognition or unique behaviour) for new customers opening online accounts at major banks.
By the end of 2024, major banks will use at least one biometric check (fingerprint, facial recognition or unique behaviour) for new customers opening accounts online.
Note: This step will be supplemented by facial recognition initiatives by the Federal Government.
COMPLETE 
The scam
Unscrupulous scammers pressurise customers to transfer money quickly (sometimes within minutes or days) through a variety of threatening or manipulative behaviours.
Increased warnings, payment delays and security questions
Building on each retail bank’s security features and payment monitoring systems for suspicious transactions, expect more questions, warnings and delays when asking to raise your payment limits or attempting to transfer money to someone you haven’t paid before. This will help prevent customers transferring money without proper consideration.
Anticipated completion date December 2024.
ON TRACK FOR COMPLETION
Detect
Scams
During 2023 the Australian Financial Crimes Exchange (AFCX) recorded $1.5 billion scam losses across Australia. Each bank also records their own activity. Currently not all banks have access to the same AFCX intelligence or to the automated Fraud Reporting Exchange (FRX) that is used to recover money that their customers have paid to another account.
Shared scams intelligence across the banking sector
To help every retail bank track down, freeze and return fraudulently acquired funds together, all Australian Banking Association (ABA) and Customer Owned Banking Association (COBA) members will join the AFCX and the FRX to share intelligence at speed, helping to return money quicker and prevent future scams.
Anticipated completion date July 2024.
COMPLETE
Respond
The scam
Many scammers use crypto exchange accounts to move money out of Australia’s regulated banking system. Once money has been moved to these higher-risk channels it is virtually impossible to recover.
Limits on high-risk payment channels
In the future, you can expect your retail bank to limit payments to high-risk payment channels (including some crypto currency platforms) to better protect you from scams.
COMPLETE
For more information on how our new industry-wide measures will help disrupt, detect and respond to criminal scam activity and deliver the highest standard of protection for Australian customers across Australia’s 15.4 billion payments every year, please talk to your bank.
