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Australian banks roll out raft of scam protection measures

Australian banks roll out raft of scam protection measures

The Australian banking industry is ushering in a raft of reforms to keep customers safe from scammers, including a $100 million investment to build a new Confirmation of Payee system.

Alongside the new CoP system, to country's banks have committed to introducing limits and stops on transfers to high-risk cryptocurrency platforms and the introduction of more warnings, and more delays and more friction in the transfer of money, particularly to new accounts.

The package will also see banks using at least one biometric check for the opening of new accounts.

The initiative is being led by the Australian Banking Association and Customer Owned Banking Association with the support of all of the country's financial institutions, including commercial banks, building societies, credit unions, and mutual banks.

Westpac CEO and ABA Chair Peter King, says: “This will be one of the biggest technical uplifts for Australian banking in recent times and means Australians with bank accounts will be significantly more protected from scams. The action plan will help level the playing field and ensure customers are afforded the same protections no matter who they choose to bank with."

Comments: (1)

Martin Sansone
Martin Sansone - Sansone Projects - London 27 November, 2023, 13:16Be the first to give this comment the thumbs up 0 likes

I encourage the Australian Banking Industry to take a look and consider the UK's new EFD (Enhanced Fraud Data) Messaging solution where UK banks agree will have a larger impact on fraud when it rolls out in 2024. You can read about the initial draft standard here: Pay.UK and UK Finance publish first iteration of technical collateral for Enhanced Fraud Data Standard (wearepay.uk) We are currently working with regulators etc. to refine the solution and publish the day one standard very soon.