Banks are continuing to play their part in the fight against scammers, as the ABA welcomes a new report showing scam losses fell by almost 26 per cent last year.
The ABA acknowledges the release of the 2024 Targeting Scams Report by the National Anti-Scam Centre showing combined reported scam losses fell by $700 million to $2 billion, whilst reports were down by almost 18 per cent.
ABA CEO Anna Bligh welcomed these further signs that Australia's world leading approach to tackling scams was working and protecting more consumers.
"This is further progress in the war against the international criminal gangs orchestrating these scams, however the fight never ends," Ms Bligh said.
"Every dollar lost to a scammer is still a dollar too many. Now is not the time to take the foot off the pedal, we must press ahead with ongoing efforts to combat scams.
"These international criminal gangs will continue to evolve their tactics and find new ways to steal money - it's therefore crucial government, banks, telcos, digital platforms as well as consumers all play an ongoing role.
"Banks are ramping up anti-scam measures to keep people's money safe through our industry's Scam-Safe Accord. This is seeing Australia's banks set an even higher benchmark of protection for customers.
"Australia's new legislative framework which focuses on scam prevention and stopping people from being exposed to scams will be critical to further reducing scam losses.
"Banks will continue to work closely with the Government and other sectors on the implementation of this framework and the development of strong and effective mandatory industry codes."
