Australian banks have collectively launched the Scam-Safe Accord, marking a significant step in the battle against financial scams.
This unified effort, involving community-owned banks, building societies, credit unions, and commercial banks, represents a comprehensive approach to implement anti-scam measures across the industry.
Key highlights include the introduction of a $100m confirmation of payee system across all Australian banks, aimed at reducing scams by verifying the identity of recipients.The Accord includes measures such as increased warnings and delays for new or increased payment limits, and enhanced identification processes, including biometric checks for new accounts.
Futhermore, the Accord includes an industry-wide commitment to share intelligence on scams, with all banks acting on information from the Australian Financial Crimes Exchange and joining the Fraud Reporting Exchange by mid-2024.
The Accord’s initiatives are founded on the principles of disrupt, detect, and respond, following authorization from the Australian Competition and Consumer Commission.
The Scam-Safe Accord is a proactive response to the increasing sophistication of financial scams. It brings together various banks to safeguard Australians and their finances, aiming to make the country a hard target for scammers. The Accord’s initiatives are a testament to the banking sector’s commitment to protect both consumers and small businesses.
Australian Banking Association (ABA) CEO Anna Bligh commented, “This Scam-Safe Accord is a new offensive in the war on scams. It reflects the banking sector’s unwavering commitment to safeguarding every Australian. It outlines the actions every bank will take to protect Australian consumers and small businesses and to harden the system against scams.”
Customer Owned Banking Association (COBA) CEO Mike Lawrence stated, “The initiatives we launch today are a significant step forward and demonstrate the banking industry’s commitment to fight scams. It doesn’t matter if someone banks with a regional mutual bank or the largest bank in the country, customers can be confident their bank is working hard to protect their money.”
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Copyright © 2018 RegTech Analyst
