You may have heard of the horror stories where poor and unsuspecting victims have had their life savings wiped off in the blink of an eye due to fraud.

That’s why it’s so important to stay informed and proactively protect our savings.

Fortunately, major Australian banks are taking a proactive step to protect you.

The Australian Banking Association (ABA) announced a $100 million overhaul of online payment systems aimed at improving the safety of transactions and protecting the public from the sly tactics of fraudulent activities.

ABA said that community-owned banks, credit unions, and commercial banks were ‘joining forces’ to address scammers with the Scam-Safe Accord.

ABA announced that banks will be joining forces to combat scammers. Credit: Unsplash

So, what’s in the updated security system?

Customers will now be required to confirm their account name and pay ID when making or collecting payments under a new system that’s going to be rolled out across all Australian banks.

This system is aimed at limiting payments to high-risk channels and alerting users of potential scam payments. This is because lack of identification plays a major role in identity theft and scams, which manage to con people out of millions annually.

The ABA said, 'Confirmation of payee will help reduce scams by ensuring people can confirm they are transferring money to the person they intend to.'

‘With 15.4 billion transactions worth $2.5 trillion occurring every year across the banking sector, the design and build of an industry-wide confirmation of payee system is a major undertaking,’ it added.

‘Design of the new system will start straight away, and it will be built and rolled out over 2024 and 2025.’

The Scam-Safe Accord was called a ‘new offensive on the war on scams,’ according to ABA Chief Executive Officer Anna Bligh.

‘Recent data from banks shows that $600m in stolen funds has been returned to customers over the last year,’ she said.

‘To keep up this effort, it is critical that government, banks, telcos, social media, and crypto platforms work together to stay one step ahead of sophisticated criminal gangs.’

The $100m ‘name-checking’ system is included in the six measures to be introduced in these changes.

As part of the $100m renewal, Aussies must also go through ‘biometric checks’, such as facial recognition, when opening a new bank account to protect against identity theft and account misuse.

It’s all part of the core agreement to improve technology and systems to protect the public from scammers.

Additionally, a major expansion of intelligence sharing across the sector will be rolled out in mid-2024, further unifying and helping banks to share real-time scam intelligence through the Fraud Reporting Exchange and Australian Financial Crimes Exchange.

Mike Lawrence, CEO of the Customer Owned Banking Association, said these changes are a win for customers.

‘The initiatives we launch today are a significant step forward and demonstrate the banking industry’s commitment to fight scams,’ he said.

'Preventing scammers from taking the hard-earned money of everyday Australians is a shared responsibility.’

'As scammers work hard to devise new ways to steal money, it’s critical that governments, industry, and consumers remain vigilant to make Australia a hard target.'

If you think you or someone you know may have been scammed, please report your experience to ACCC here or call 000 immediately for emergency cases.

Key Takeaways

• Australia's biggest banks are introducing a $100m change to online payment systems to help protect customers from fraudsters and identity scams.
• The Scam-Safe Accord will require customers to confirm their account name and pay ID when making or collecting payments, with a new payee system set to be rolled out across all Australian banks.
• The banks also plan to introduce 'biometric checks', such as facial recognition, when opening a new bank account to prevent identity fraud and account misuse.
• By mid-2024, a major expansion of intelligence across the sector will be rolled out, with all banks set to share real-time scam intelligence through the Fraud Reporting Exchange and Australian Financial Crimes Exchange.

Members, have you experienced being scammed online? How do you prevent yourself from being scammed? Share them with us in the comments below.

 

[NotNats]

You may have heard of the horror stories where poor and unsuspecting victims have had their life savings wiped off in the blink of an eye due to fraud.

That’s why it’s so important to stay informed and proactively protect our savings.

Fortunately, major Australian banks are taking a proactive step to protect you.

The Australian Banking Association (ABA) announced a $100 million overhaul of online payment systems aimed at improving the safety of transactions and protecting the public from the sly tactics of fraudulent activities.

ABA said that community-owned banks, credit unions, and commercial banks were ‘joining forces’ to address scammers with the Scam-Safe Accord.

View attachment 35824

ABA announced that banks will be joining forces to combat scammers. Credit: Unsplash

So, what’s in the updated security system?

Customers will now be required to confirm their account name and pay ID when making or collecting payments under a new system that’s going to be rolled out across all Australian banks.

This system is aimed at limiting payments to high-risk channels and alerting users of potential scam payments. This is because lack of identification plays a major role in identity theft and scams, which manage to con people out of millions annually.

The ABA said, 'Confirmation of payee will help reduce scams by ensuring people can confirm they are transferring money to the person they intend to.'

‘With 15.4 billion transactions worth $2.5 trillion occurring every year across the banking sector, the design and build of an industry-wide confirmation of payee system is a major undertaking,’ it added.

‘Design of the new system will start straight away, and it will be built and rolled out over 2024 and 2025.’

The Scam-Safe Accord was called a ‘new offensive on the war on scams,’ according to ABA Chief Executive Officer Anna Bligh.

‘Recent data from banks shows that $600m in stolen funds has been returned to customers over the last year,’ she said.

‘To keep up this effort, it is critical that government, banks, telcos, social media, and crypto platforms work together to stay one step ahead of sophisticated criminal gangs.’

The $100m ‘name-checking’ system is included in the six measures to be introduced in these changes.

As part of the $100m renewal, Aussies must also go through ‘biometric checks’, such as facial recognition, when opening a new bank account to protect against identity theft and account misuse.

It’s all part of the core agreement to improve technology and systems to protect the public from scammers.

Additionally, a major expansion of intelligence sharing across the sector will be rolled out in mid-2024, further unifying and helping banks to share real-time scam intelligence through the Fraud Reporting Exchange and Australian Financial Crimes Exchange.

Mike Lawrence, CEO of the Customer Owned Banking Association, said these changes are a win for customers.

‘The initiatives we launch today are a significant step forward and demonstrate the banking industry’s commitment to fight scams,’ he said.

'Preventing scammers from taking the hard-earned money of everyday Australians is a shared responsibility.’

'As scammers work hard to devise new ways to steal money, it’s critical that governments, industry, and consumers remain vigilant to make Australia a hard target.'

If you think you or someone you know may have been scammed, please report your experience to ACCC here or call 000 immediately for emergency cases.

Key Takeaways

• Australia's biggest banks are introducing a $100m change to online payment systems to help protect customers from fraudsters and identity scams.
• The Scam-Safe Accord will require customers to confirm their account name and pay ID when making or collecting payments, with a new payee system set to be rolled out across all Australian banks.
• The banks also plan to introduce 'biometric checks', such as facial recognition, when opening a new bank account to prevent identity fraud and account misuse.
• By mid-2024, a major expansion of intelligence across the sector will be rolled out, with all banks set to share real-time scam intelligence through the Fraud Reporting Exchange and Australian Financial Crimes Exchange.

Members, have you experienced being scammed online? How do you prevent yourself from being scammed? Share them with us in the comments below.

Too little & Too Late.

 

[magpie1]

we never had so many problems when we did personal banking in branch outlets....nor as much when we banked through ATM's. People these days have less confidence than ever that their banks are looking after their hard earned money which they have deposited with them.

 

[David567]

The big FOUR BANKS are the biggest scammers of all. They make the highest profit of all.