Statement From The Australian Banking Association
Australian banks have some of the strongest anti-scam protections in the world. Our banking Scam-Safe Accord sets an even higher standard of protection by banks to protect consumers.
Under the Accord there will be more friction to payment transactions to help better protect customers. This includes risk-based delays on transactions and additional warnings when a customer adds a new payee, amends a payee or increases payment limits.
Winning the war against scammers can only be achieved through a collective effort across the economy, including from government, banks, telecommunications providers and digital platforms.
Banks endorse the Government’s plan for mandatory industry codes that cover actions and responsibilities across the entire scams chain.
Codes must also fairly, appropriately and proportionately allocate responsibility and any potential compensation across the entire scams chain.
Statement From Westpac
Regarding the Scam Safe Accord, we are implementing the initiatives. The majority have already been introduced, with more underway.
- Westpac SaferPay – presents customers with a series of questions in instances where a payment is considered a high risk of being a scam.
- Westpac Verify – alerts customers when there is a potential account name mismatch when they’re adding a new payee using a BSB and account number.
- Dynamic CVC – changes the three-digit code on the back of the digital card every 24-hours.
- Cryptocurrency blocks – for payments to certain digital currency exchanges.
- Merchant blocks – for payments to businesses deemed high-risk of being a scam (e.g. offering fake or misleading products and services).
- Call spoofing measures – added 94,000 Westpac numbers to the ‘Do Not Originate’ list preventing scammers from impersonating the bank’s phone numbers.
- Inbound payment detection – monitoring on payments coming into the bank to check for potential scam indicators, with funds held where a scam is detected.
- Sophisticated detection technology – advanced behavioural tool helping combat remote access scams.
Statement From Bendigo Bank
Bendigo and Adelaide Bank is a proud signatory to the Scam-Safe Accord, and we continue to work with the Australian Banking Association and other financial institutions in taking a whole of ecosystem approach that brings together industry, government, regulators, law enforcement, telcos, and global internet platforms to fight scammers.
We supported development of the seven priority areas to Disrupt, Detect and Respond to scams, and are actively delivering on these commitments, as we work to further protect our 2.5 million customers.
Statement From Commonwealth Bank
Helping customers stay safe by improving early detection and prevention of scams is among Commonwealth Bank’s highest priorities. CommBank is on track to meet the requirements of the ABA Scam-Safe Accord, and we acknowledge there is much more to do. It is only by working together across industries that organisations – including banks, telcos, social media companies and digital platforms – can disrupt scam-related crime to keep Australians safe.
