How the Scam-Safe Accord is Making Banking Safer for Australians

With digital scams on the rise, Australians are demanding stronger protections for their finances. The Scam-Safe Accord, launched in late 2023, is a powerful new framework uniting major banks, regulators, and consumer advocates to tackle scams head-on and make banking safer than ever before.


What Is the Scam-Safe Accord?


The Scam-Safe Accord is a national agreement among all major Australian banks and financial institutions to implement tougher, smarter, and more coordinated anti-scam measures. Developed in partnership with the Australian Banking Association and government bodies, the Accord sets clear standards for scam prevention, detection, and rapid response—moving banks from isolated efforts to a united, sector-wide front.


What’s Changing Under the Accord?


Key initiatives include:

  • Biometric ID checks for opening new online accounts, making it harder for scammers to impersonate others.
  • Confirmation of Payee systems: A $100 million investment is delivering industry-wide technology to verify account names before payments go through, helping to stop misdirected or fraudulent transfers.
  • Mandatory payment warnings and delays when a transaction looks risky, so customers get a second chance to spot scams.
  • Sector-wide intelligence sharing so banks can learn from each other and quickly block emerging scam tactics.
  • Limits on payments to high-risk channels—if a platform is linked to high scam rates, your bank may add extra safeguards or restrictions.
  • Comprehensive consumer education and awareness campaigns to help Australians spot and avoid scams on their own.


Already, these actions are reducing scam losses: Some banks have prevented or recovered over $200 million in scam-related losses since 2022.


Different Perspectives


The Accord has been widely welcomed for raising the bar on security, but some warn that technology alone isn’t enough—ongoing consumer education and inclusion for older or rural Australians remain essential. There may also be rare cases where extra checks delay genuine payments, but most agree it’s a small price for greater security.

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