Banks welcome the passage today of critical scam fighting legislation to better protect Australians and help drive financial losses down even further.
This new Scam Prevention Framework and the industry codes that will follow for banks, telcos and digital platforms are crucial in ongoing efforts to scam-proof Australia.
ABA CEO Anna Bligh said Australia was leading the way in its comprehensive approach to scam prevention and this was a significant moment in continued attempts to harden the country against scammers.
"Australia is tackling scams from all angles. This new framework prioritises preventing people from being exposed to scams in the first place," Ms Bligh said.
"This is a game-changer in the fight against scammers and will ensure all parts of the scams chain are held to account for their responsibilities to prevent, detect, report, disrupt and respond to scams.
"Our world first approach will make sure telcos and the digital platforms have strong safeguards in place to stop scams from reaching consumers.
"Australian banks will also be held to account for the actions they are taking to protect customers. Banks are ramping up anti-scam measures through our industry's Scam-Safe Accord.
"Scam losses are down by 33 per cent, however there is still more work to be done to drive them down even further. We now have the legislative foundation to stay one step ahead of scammers and drive them out of Australia."
ABA Chief of Policy Christopher Taylor said with the framework now enshrined in law, it was important effective mandatory industry codes were developed to ensure all regulated entities are required to take strong action to combat scams.
"Banks will now work closely with the Government and other sectors on the development of mandatory industry codes as well as a single complaints body to provide more consistent outcomes for customers," Mr Taylor said.
"We also encourage the Government to move promptly to expand the framework to other sectors such as cryptocurrency, superannuation and other payment providers."
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