Banks Declare War on Scams With Warnings for New Payees

Australian banks will warn customers to exercise caution before transferring money to someone new in an industry-wide crackdown on scammers. Customers will be questioned and alerted to the possibility of a scam before sending to someone new or upping their payment limits, to protect them from fraudsters pressuring them to transfer money quickly. Customers may also face delays on these high risk banking actions for the same reason. The enhanced warnings will come into force by the end of next year as part of a scam-fighting agreement announced by community owned banks, building societies, credit unions and commercial banks on Nov. 24....