Banks Introduce New Technology and Controls to ‘Shield Australians From Scams’

Published on August 13, 2024

Banks are planning more double checks when you pay someone new and extra identity checks including biometrics to stop scammers. These extra checks, which also include intelligence sharing between banks, are designed to “shield Australians from scams.” This comes after Financial Services Minister Stephen Jones called for banks and financial institutions to strengthen protections against scammers during an address to the National Press Club. The two major banking associations representing the big four banks, community banks, and credit unions launched a campaign to advertise the push to stop scammers on August 12. Australian Banking Association CEO Anna Bligh, a former Premier of Queensland, said Australians should have confidence their bank is working around the clock to “keep them safe from scammers.”...

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