The Scam-Safe Accord

Scams are a serious issue, and scammers are robbing everyday Australians of their wealth through sophisticated manipulation. Scamwatch data shows scammers stole $3.1 billion from Australians in 2022 alone.

Escalating efforts are being made to address these crimes appropriately as fraudsters develop new ways to target vulnerable customers and con Australians out of their money.

COBA and the ABA have joined forces to launch a new Scam-Safe Accord as part of a united commitment from the banking industry to make Australia a hard target for scammers.

The Scam-Safe Accord outlines key initiatives banks are undertaking to help protect Australian consumers and small businesses based on the principles of disrupt, detect, and respond.

At the heart is a $100 million investment by the industry in a new confirmation of payee system to reduce fraud and help people know who they are dealing with. The design and build of an industry wide confirmation of payee system is a major undertaking, expected be rolled out across all Australian banks and credit unions in 2025.


  • Banks will deliver an industry-wide confirmation of payee solution to customers
  • Banks will take action to prevent misuse of bank accounts through increased verification
  • Banks will introduce warnings and payment delays to protect you


  • Banks will invest in a major expansion of intelligence sharing across the sector


  • Banks will limit payments to high-risk channels to protect customers

Banks have also committed to introduce new and higher protections into their systems. Customers should expect more warnings and delays when paying a new provider or increasing payment limits, and comprehensive identification and authentication measures when opening new accounts to help prevent identity fraud.

In addition, the Scam-Safe Accord includes a major expansion of intelligence sharing across the sector. All banks and credit unions will be joining the Australian Financial Crimes Exchange and using their scams intel by mid-2024, while also joining the Fraud Reporting Exchange over 2024-25 to help customers recover money faster. This means financial institutions will be able to share critical information at speed about scam transactions.

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