Alliances against banking scams will be strengthened in the delegation to Singapore
Australian banks are set to share their anti-scam knowledge with other nations, joining an anti-scam delegation in Singapore in an effort to strengthen customer protection and hit fraudsters where it hurts.
Deputy Treasurer Stephen Jones will lead the delegation, which will be made up of representatives from the Australian Banking Association (ABA), the National Anti-Scam Centre, Australian banks, the Australian Financial Crimes Exchange, the Customer Owned Banking Association and the New Zealand Government .
Given that scams are a crime without physical borders or jurisdiction and that Australian banks have some of the best anti-scam knowledge and measures in the world, ABA chief executive Anna Bligh said the delegation is an opportunity for Australia Share your knowledge and boost global anti-scam efforts. .
“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 scammers will require a global effort.
“We know that behind many scams there are very sophisticated international criminal gangs. “That is why cross-jurisdictional cooperation and information sharing will be crucial in this continued fight against fraudsters.”
Bligh added that the delegation is an opportunity to demonstrate how effective Australia has been in reducing scams and “showcase our industry’s Scam-Safe Agreement, which is a set of world-leading banking protections to protect customers from scams.” scammers.”
The Scam-Safe Accord is a proactive initiative developed and led by banks to protect customers from scams. Six initiatives are in the process of implementation as part of the agreement, which are:
- Confirm beneficiary with name verification software
- Using biometric security to verify users
- Use of warnings and delays in transactions and unknown beneficiaries
- Share information across the industry
- Limit payments to high-risk beneficiaries that are difficult to recover, such as cryptocurrency accounts.
- Implement a comprehensive anti-scam strategy
Customer Owned Banking Association chief executive Michael Lawrence said the delegation to Singapore will strengthen partnerships against the wave of cybercrime and fraudsters, and reiterated that scams and cyberattacks are crimes without borders.
“This trip to Singapore is an important step in strengthening regional anti-scam alliances, and we are committed to collaborating across borders to share best practices so we can accelerate our ability to develop cutting-edge anti-scam solutions,” Lawrence said.
“Scams have a ripple effect, harming not only individuals but also the financial well-being of their communities. As financial institutions deeply rooted in our communities, customer-owned banks are dedicated to ensuring the 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, regardless of where they live or who they bank with.”
