AusPayNet, the Australian Banking Association (ABA), Australian Financial Crimes Exchange (AFCX, the financial and cybercrime intelligence exchange), and IDCARE (Australia and New Zealand’s national identity and cyber support service), are enhancing their coordination of actions to counteract payment scams targeting Australian consumers and businesses.

The coordinated approach will build on existing industry efforts by focusing on five key pillars of work:

1. Enhancing data collection by consolidating and expanding data collection on scams and generating insights to help drive scam-prevention responses (led by AFCX).
2. Improving knowledge and information sharing among industry participants to better respond to evolving scam trends and evaluate the impact scam prevention efforts are having (led by AusPayNet).
3. Maximising customer awareness of scams by developing and implementing industry-wide programs to facilitate greater awareness of scams and where to go for help (led by ABA).
4. Minimising the impact of scams on affected customers by ensuring they receive clear, effective, and timely support and staff are well trained to assist them (led by AusPayNet with specialist input from IDCARE).
5. Setting industry standards by collaborating to determine best practice and ensuring more consistent industry positions, stakeholder engagement, responses to scams and customer support (led by AusPayNet).

Today, AusPayNet and its industry partners are releasing an infographic to outline the scope of their coordination.

AusPayNet CEO, Andy White, said closer coordination among the four bodies is an important step in tightening safeguards against payments scams and reducing their impact on people’s lives.

“Criminal groups are increasingly sophisticated in their targeting of individuals and businesses transacting digitally. It’s never been more important that industry bodies at the frontline of payments and transactions share their expertise and knowledge to combat scammers,” Mr White said.

“We look forward to coordinating planning and priorities with the ABA, AFCX and IDCARE to reduce the impact on vulnerable businesses and individuals.”