Australian banks will introduce sweeping changes to their procedures today in a bid to “significantly” protect customers against scams.

Advanced System Care – Help Keep Scammers Away by Cleaning and Secureing Your PC Effectively and Keeping it that Way

The “Scam-Safe Accord” initiative will include six measures including limiting payments to high-risk channels and·alerting customers to potential scam payments.

Every Australian opening a new bank account will also be subjected to confirmation of payee solution technology, which allows an account name to be checked when initiating or collecting a payment

The Australian Banking Association (ABA) and Customer Owned Banking Association (COBA) led the initiative.

Westpac chief executive Peter King said it was a significant step forward in protecting Australians.

‌”Falling victim to a scam can have devastating and life-changing consequences,” he said.

“Today we are sending a clear message to these criminals that they have no business being in Australia and we are doing more to stop them from ripping off our customers.”

King said the initiative would be one of the biggest technical uplifts for Australian banking in recent times.

‌”(It) means Australians with bank accounts will be significantly more protected from scams,” he said.

“Westpac has continued to invest in uplifting its scam detection and prevention measures which has stopped customers losing $235 million in the last year and sees us now detecting over 60 per cent of all cases.”

Other measures included in the initiative include biometric checks to prevent misuse of bank accounts,expanding intelligence sharing across the sector and implementing an Anti-Scams Strategy

Australians have already lost close to $430 million to scams this year.

Scam Categories – We Post New Scams Every Day (Over 400 on Site)

ACCC | AI | ATO | Bank | Business | Camera | Child | Contest | Credit | Currency | Cyber Security | Dating | Disaster | Educational | Email | Fraud | Gift Cards | Identity Theft | Impersonation | Investment | Jobs | Media | Medical | Missing Ethics | Online | Payment System Scams | PC Security | Pets | Phishing | Phone | Psychic | Real Estate | Retail | Senior | SMS | Social Media | Social Security | Threatening | Transport | Tradie |

Scam Protection | Latest Scam News | Free Online Safety Courses
In order to display an accurate search, most news articles are listed in Multiple categories. Search Engines just don’t understand why Duplicate content in some cases is necessary.

All content on this Free site goes to help Global and Local Communities as well as the General Public fight these Scum Bags. Check often as new scams are posted Daily. See also our About Us page Above. If you can manage it a one-off small Donation (just $2 Max) towards our Hosting Fees Would be Most Appreciated. Thank You for Visiting and we hope our information was useful to you