The ABA welcomes the introduction into the Parliament of critical scam fighting legislation to better protect Australians.
ABA CEO Anna Bligh said the Federal Government's proposed Scams Prevention Framework is the best way forward to prevent, detect, report, disrupt and respond to scams.
"This is an important step forward in our ongoing work to scam-proof Australia and stay one step ahead of the international criminal gangs behind these scams," Ms Bligh said.
"Australia has already made inroads in the fight against scammers. Scam losses here are falling at a greater rate than many other countries around the world.
"It is crucial that we tackle scams from every angle. The main purpose of this framework is to harden the country against scammers by preventing people from being exposed to them in the first place.
"This world first approach will ensure telecommunication companies and the social media platforms have strong safeguards in place to stop scams from reaching consumers.
"Australian banks will also be held to account for the actions they have taken to protect customers. Banks have been on the front foot and are putting in place some of the strongest anti-scam protections in the world through the industry's Scam-Safe Accord.
"Our industry also welcomes the establishment of a clearer and more consistent pathway to compensation for consumers where businesses have failed to meet their obligations."
The banking industry's Scam-Safe Accord includes:
- a $100 million investment by banks in a new confirmation of payee system, ensuring people can confirm they are transferring money to the person they intend to
- introducing more warnings and payment delays to protect customers
- adopting further technology and controls to help prevent identity fraud, such as the use of at least one biometric check for new individual customers opening accounts
- investing in a major expansion of intelligence sharing across the sector
- all banks to implement anti-scams strategies.
