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The Scam-Safe Accord was announced back in November 2023, with the Australian Banking Association (ABA) and Customer Owned Banking Association (COBA) coming together to introduce scam protections across the industry.
Now, a campaign has launched off the back of the accord, titled ‘The fight against scams never stops’. This new initiative will include:
- A new payment system to ensure you pay the right person.
- Unique identity checks.
- More double checks when you’re paying someone new.
- Intelligence sharing between banks.
ABA CEO Anna Bligh detailed just how crucial scam protection is in the current world of banking.
“Scams are a scourge on our society. Every day, too many people are being targeted by scammers who only have one objective and that’s to steal money. Whether it is the middle of the day or the middle of the night, banks are deploying cutting-edge technology to identify potential scam activity and stop scammers in their tracks,” said Bligh.
“While we must all remain vigilant to the risks of scams, Australians should have confidence that their bank is working around the clock to keep them safe from scammers. Banks have a range of tactics and tools they deploy to shield Australians from scammers such as payment warnings and delays to the blocking of transfers to dodgy scam accounts.
“Customers will start seeing more payment delays or warnings when transferring money to someone they haven’t paid before. This will allow banks to spot red flags and help them check that money isn’t going directly to a scammer.”
As part of the Scam-Safe Accord, the new fight against scams will be an important piece of the plan. According to ABA, the accord will include further introductions such as:
- 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.
Customer Owned Banking Association (COBA) chief operating officer Stephanie Elliott said that scam prevention and detection are top priorities for the 55 mutual banks and credit unions the organisation represents.
“Scammers are sophisticated criminals operating within a complex network, requiring cross-industry collaboration to disrupt their activities. Australia’s ecosystem approach shows promise, with scam losses decreasing for the first time in six years,” said Elliott.
“Customer-owned banks are committed to deploying innovative and collaborative measures to disrupt unscrupulous scammers.”
[Related: Banks launch ‘new offensive in the war on scams’]
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