The competition watchdog has given some of Australia’s biggest banks the go-ahead to collaborate on an industry standard for tackling scams.


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The Australian Competition and Consumer Commission (ACCC) has allowed the Australian Banking Association (ABA) and its member banks to come together to create an industry standard to prevent, detect, and disrupt scammers.

“A coordinated response across government, law enforcement, and the private sector is essential to effectively combat scams that are evolving rapidly and with increasing sophistication,” ACCC deputy chair Catriona Lowe said.

Scammers robbed Australians of more than $3 billion last year – an 80% year-on-year increase and an average of nearly $20,000 per person.

The competition watchdog’s tick of approval could see the big four banks, as well as the likes of AMPBendigo Bank, and Macquarie Bank unifying their approach to the criminals.

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