Major banks have been pouring significant resources into fraud detection and prevention, but in announcing the Scam-Safe Accord, the Australian Banking Association has put telecommunications and social media companies on notice to step up.
The Australian Financial Crimes Exchange, the central coordinator of intelligence for the investigation and prevention of financial and cybercrime, will release a report on Friday showing 30 per cent of scams had originated through telcos and 19 per cent through social media.
“Banks play a key role but are only one part of the solution,” the association said in a statement. “The ABA and COBA [Customer Owned Banking Association] look forward to seeing details from other sectors about their plans to proactively address scams.”
Releasing the latest Targeting Scams report earlier this year, ACCC deputy chair Catriona Lowe said there needed to be a three-pronged approach to tackling scams by disrupting scammers from being able to call, message or email potential victims; support consumers with information to spot scams; and prevent funds being transferred to fraudsters.
As part of the Scam-Safe Accord, banks have also committed to putting in extra measures to protect customers who are transferring money to someone they haven’t paid before; joining the Australian Financial Crimes Exchange to share scams intelligence across the banks; and limiting the payments to high-risk channels, including some cryptocurrency platforms.
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