The banking industry is committed to protecting its customers by doing its part to fight scams. Recent data from the Australian Financial Crimes Exchange showed banks have recovered $600 million in stolen funds over the last year that has been returned to customers.
However, there are many parts to a scam being committed, from how the victim is contacted, to funds being transferred out of a victim’s account. Actions taken by the banking industry alone will only be successful if we all play our part.
Effectively fighting scams requires a comprehensive and consistent response from other industries across the scam ecosystem, helping to block SMS’ calls that impersonate government and Australian businesses, and fake ads that scammers initially use to perpetrate their crime.
It is critical that government, banks, telcos, social media companies, and crypto platforms work together to stay one step ahead of sophisticated criminal gangs and prevent scams from harming Australians.
Security is a fundamental right for our customers, and we hold it as one of our core values.
