Australian Bankers' Association establishes fraud taskforce

Australian Bankers' Association establishes fraud taskforce

The Australian Bankers' Association has set up a high-level taskforce in a bid to agree a national approach to emerging fraud issues, such as ATM and credit card skimming and Internet banking fraud.

The establishment of the unit reflects growing alarm in Australian banking circles - and among the general public - about the increasing incidence of electronic banking fraud, typified by a recent ATM card skimming scam which left hundreds of customers out of pocket.

David Bell, ABA chief executive says: "The taskforce will ensure, that at an industry level, key priorities are identified and solutions agreed for the next twelve months."

It will build on work already underway within banks and through membership of existing industry fraud groups says Bell. Taskforce members will be drawn from the heads of fraud and security at ABA banks, and from private and public sector institutions, police, and card schemes such as Visa and Mastercard.

Says Bell: "Wider fraud taskforce membership - not just banks - will be encouraged to foster a team effort against this criminal activity and to increase cooperation between all sectors."

He says the taskforce will have three objectives - to identify the areas of highest risk, to study international prevention and detection measures, and to determine appropriate industry-wide solutions.

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