Anti-bank scam alliances will be strengthened in the delegation in Singapore

Anti-bank scam alliances will be strengthened in the delegation in Singapore

Australian banks are set to share their fraud-fighting knowledge with other countries, joining an anti-fraud delegation to Singapore in a bid to boost customer protections and hit fraudsters where it hurts .

Deputy Treasurer Stephen Jones will lead the delegation, which will include representatives from the Australian Banking Association (ABA), National Anti-Scam Centre, Australian Banks, Australian Financial Crimes Exchange, Customer-Owned Banking Association and the New Zealand Government.

With scams being a crime without physical borders or jurisdiction and Australian banks having some of the best knowledge and anti-scam measures in the world, ABA CEO Anna Bligh said the delegation was an opportunity for Australia to share knowledge and strengthen global efforts against scams. .

“Scams are not unique to Australia. This is a problem that many countries around the world and in our region are also facing,” Bligh said.

“This is a global problem and winning the war against fraudsters will require a global effort.

“We know that very sophisticated international criminal gangs are behind many scams. This is why continued cooperation between jurisdictions and information sharing will be crucial in this ongoing fight against fraudsters.

Bligh added that the delegation is an opportunity to demonstrate how effective Australia has been in reducing scams and to “introduce our industry’s Scam-Safe Agreement, which is a world-leading set of protections.” world put in place by banks to protect customers from fraudsters.

The Scam-Safe Accord is a proactive initiative developed and led by banks to protect customers from scams. Six initiatives are being rolled out under the agreement, namely:

  1. Beneficiary confirmation with name verification software
  2. Use biometric security to verify users
  3. Use warnings and delays on unknown beneficiaries and transactions
  4. Share information across the industry
  5. Limit payments to high-risk beneficiaries where collection is difficult, such as cryptocurrency accounts
  6. Implement a comprehensive anti-scam strategy

Michael Lawrence, CEO of the Customer-Owned Banking Association, said the delegation to Singapore would strengthen alliances against the wave of cybercrimes and scams, reiterating that scams and cyberattacks are crimes without borders.

“This trip to Singapore is an important step in strengthening regional alliances against scams, and we are committed to collaborating across borders to share best practices so that we can accelerate our ability to develop anti-scam solutions of tip,” Lawrence said.

“Scams have a ripple effect, harming not only individuals but also the financial well-being of their communities. As financial institutions with deep roots in our communities, customer-owned banks are dedicated to ensuring the safety and security of the customers we serve.

“By working together, we can create a safer financial environment for everyone and protect our customers from financial harm, no matter where they live or who they bank with.” »

Daniel Croft

Daniel Croft

Born in the heart of Western Sydney, Daniel Croft is a passionate journalist with an understanding and experience of writing in the technology space. After studying at Macquarie University, he joined Momentum Media in 2022, writing for a number of publications including Australian Aviation, Cyber ​​Security Connect and Defense Connect. Outside of writing, Daniel has a keen interest in music and spends his time playing in bands around Sydney.