NAB today welcomed the release of draft legislation that will establish the Scams Prevention Framework, which is designed to support the establishment of Scam Codes across digital and social media companies, telecommunications providers and banks in Australia.
NAB Executive for Group Investigations Chris Sheehan said NAB backs the Government's focus on prevention.
"We're in the of a scams epidemic and this is a crucial and significant step in making Australia a much tougher place for these criminals to be successful.
"NAB supports the Government's focus on prevention. Stopping the crime before it begins is the key to driving scammers out of Australia.
"Scams start with a text message, a phone call, a dodgy social media post or a fake website and banks are often blind to this activity until the payment is made.
"That's why banks, telcos, social and digital media companies all need to play their part before scams reach customers.
"Without that approach, it just continues to be a never-ending game of whack-a-mole, with criminals exploiting channels which aren't pulling their weight.
"NAB has introduced a number of measures in the last two years to help address scams and while we are seeing the scam losses decrease, we know there is more work to do.
"We must ensure Australia is the hardest country in the world for criminals to steal our money."
