Australian banks have today unveiled their latest scam fighting technology, with the launch of Confirmation of Payee – a new name-matching service designed to help protect customers from being tricked into sending money to criminals.

Banks have invested $100 million in this new technology which is a key initiative of the sector’s Scam-Safe Accord – a set of world-leading safeguards by banks to help keep the money of Australians safe.

Adrian Lovney, Chief Payments and Schemes Officer at Australian Payments Plus (AP+), which developed the service, said Confirmation of Payee helps reduce scams and mistaken payments by checking whether the name, BSB and account number entered by a customer match the account details held by the receiving bank and showing the match result before payment is made.

“Confirmation of Payee is all about giving customers greater control and confidence when making payments,” Mr Lovney said.

“It’s a simple concept, but it adds a powerful extra layer of protection for everyday transactions.”

Australian Banking Association CEO Anna Bligh said while Australia was one of the only countries in the world where scam losses were reducing, investing further in the latest scam fighting technology was crucial to driving losses down even further.

“This is critical new technology that will help protect a customer from transferring money straight into the hands of a scammer.”

“It is a new weapon that banks will have at their disposal to better shield customers from losing money to scams.

“When the rollout is complete, Australia will be one of only a handful of countries to have this technology in place across the entire banking sector, ensuring customers are protected regardless of who they bank with. It is further proof that Australian banks are leading the way when it comes to protecting customers from scams.”

NAB Executive, Group Investigations Chris Sheehan said scammers were ruthless and sophisticated transnational criminals always looking for new ways to rip people off.

“Technology enables these criminals who can move incredibly quickly. Confirmation of Payee is another example of the banking industry collaborating to disrupt the scam ecosystem and protect customers,” Mr Sheehan, a former Australian Federal Police executive, said.

“We need all parts of the ecosystem focused on prevention to help stop the crime and drive these criminals out of Australia.”

Customer Owned Banking Association Chair Elizabeth Crouch AM said the new Confirmation of Payee service is a big leap forward in customer protection.

“Australia’s mutual banks are working hard to protect their customers’ money and the new Confirmation of Payee service is a big leap forward.”

“Developed as part of the banking sector’s Scam-Safe Accord, this crucial name-matching solution is being rolled out by all banks to deliver stronger safeguards against scams.”

“Customer-owned banks put their customers first and are committed to doing everything they can to deliver effective fraud and scam protections that work for their customers and communities.”

How it works

The new Confirmation of Payee service activates when a customer makes a first-time payment using a BSB and account number. After entering the account name and payment details, and before making a payment, a matching service checks whether the information matches the recipient’s bank data.

• If the details match, the account name will be displayed for confirmation.
• If there’s a close match (e.g. “John Smyth” instead of “John Smith”), the customer will see the account name and can confirm if it’s correct.
• For individual accounts with no match, the customer will be shown a warning, and the account name won’t be shown to help protect privacy.
• For business and government accounts, the account name may still be shown.

Using that information, the customer can then decide if they want to go ahead and make the payment, pause and check the details again, or stop the payment altogether.

A national awareness campaign will also start today under the tag line “Check the name. Spot the scam” to educate customers about this new technology.

Source: AP+ Australian banks launch new defence in battle against scammers – Australian Payments Plus

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.

References

• Australian Banking Association – Scam-Safe Accord Announcement
• Corbado: Australia’s Scam Safe Accord – Key Measures & Impact
• Customer Owned Banking Association – Scam-Safe Accord One Year On
• ThreatMark – Scam-Safe Accord Compliance for Australian Banks
• FrankieOne – Scam Safe Accord: Big Banks Take Action

Scams are costing Australians billions each year and the pressure is mounting on banks and mutuals to continuously step up their defences. That’s the goal of the 2024 Scam-Safe Accord, a new industry framework led by the Australian Banking Association (ABA) to reduce scam losses and improve customer protection.

A key ABA recommendation is the introduction of Confirmation of Payee (CoP) – an industry-wide service initiative of Australian Payments Plus that matches the bank account details entered by a payer with the account details held by the recipient’s bank and displays a match outcome to the payer.

Data from the 2024 Mapping Social Cohesion Report shows nearly half of Australians believe most people can be trusted which suggests they may not instinctively have fraud or scams front of mind . CoP creates a pause in the payments process, alerting customers before money moves and helping to safeguard people and businesses from fraud, scams and mistaken payments.

Indue is enabling clients to adopt CoP and strengthen payment security across the board. So how effective is it? And what role does it play in the evolving payments landscape?

We spoke with Indue’s Head of Innovation & Strategic Initiatives, Jenny Osborne to find out.

Why is CoP such a significant step forward for payment security in Australia?

Scammers often rely on urgency and quick decisions to trick people, so CoP creates a pause in the digital payments process to encourage people to stop and think, before they are caught off guard.

It puts customers in the driver’s seat, helping them make more informed choices before the transaction is complete and it may be too late. It also offers confirmation to ease doubts when something doesn’t add up.

Tools like CoP provide an important extra layer of defence for Australians to reduce both scams and mistaken payments.

What does CoP mean for Indue customers?
Under the 2024 Scam-Safe Accord, CoP is set to become an industry-wide standard. For our customers, adopting this technology is about more than compliance; it’s about keeping pace with the latest trends and maintaining parity with the bigger banks.

Scammers are quick to identify gaps in the system and banks that don’t adopt this safeguard may be seen as easy targets.
That’s a real challenge for our clients and we’re working closely with them to make sure they’re protected and prepared.

What does experience with CoP-style technology overseas tell us? And what should Australians be looking out for?
Versions of CoP exist globally across the EU, UK, New Zealand and other countries globally.

One of the most significant changes overseas has been liability. Last year, newly introduced rules from UK Payment Systems Regulator mean both the payer bank and the payee bank now share responsibility if someone is scammed . It’s a strong signal that regulators expect more from financial institutions – and it’s a trend Australia needs to be ready for.

Where does CoP fit in the broader push for safer digital payments? And what’s next?
Scams and fraud have been steadily rising in recent years and CoP is just one of many tools needed to respond.

Scammers often have more time and fewer rules than the organisations trying to stop them, which makes coordinated action across businesses and industries even more important. No one tool will be the saving grace but what’s needed is a combination of tools, regulation and education.

We’re already seeing more obligations passed down through the Treasury, Australian Banking Association and Customer Owned Banking Association, and that pressure is only going to increase.

Payment security is no longer optional but a shared responsibility across our entire digital ecosystem.

In today’s fast-paced banking landscape, only banks that embrace digital innovation and offer their customers seamless, personalised experiences catering to their unique needs can survive. Propelled by digital banking, artificial intelligence, advanced analytics and more, this shift is redefining how banking offers and services are delivered – perhaps nowhere more so than in the world of bank cards.

Capgemini’s World Retail Banking Report 2025 invites traditional banks to:

• Deliver tech-forward, convenience-focused card services and offers to attract the lucrative urban, digital-first demographic
• Embrace the flywheel model to engage new customers, foster continuous growth, and build lasting relationship momentum
• Provide individualised solutions to create unforgettable customer journeys that fuel long-term loyalty
• Strengthen customer connections by integrating experiences beyond banking solutions.

Key findings:

Create a continuous growth loop by offering differentiated benefits, delivering omnichannel experiences, and nurturing advocacy – is your organisation ready?

Download the report

Source: Capgemini 2025

With more than $2.74 billion lost by Australians to scams this year, market-leading payment solutions provider, Indue, has launched ScamHub — a complimentary customer website portal providing educational resources for their clients to help educate their employee and customers on scams.

The initiative was made possible through Indue’s Illumin8 Social Impact program, a program dedicated to fostering positive social impact by actively supporting social causes close to the hearts of their clients and the work they do in their communities.

Indue Chief Executive Officer, Derek Weatherley, recognised ScamHub as an important resource for connecting clients with education and information regarding scams they can share with their staff and customers, giving Australians the confidence to pay every day.

“Scams are becoming increasingly sophisticated and innovative with new scam vectors constantly entering the market,” Mr Weatherley said.

“We see it as our role and responsibility to help protect our clients and their customers — everyday Australians — from scams, tackling the issue from as many angles as possible. Providing education and resources through ScamHub is one important way we can do this.

“By providing access to the latest tools and information on a user-friendly platform, we’re strengthening the collective effort to protect Australians from financial crime,” he said.

A range of resources and materials are available exclusively to Indue clients via ScamHub including posters, social media assets and educational videos on the latest scams.

Indue clients can download resources from ScamHub free of charge, for sharing internally with staff, as well as with their customers via their own channels.

“It was important to us that we provide ScamHub to our clients as a complimentary service — we see it as an extension of what we stand for as an organisation that operates in the payment solutions space,” Mr Weatherley said.

“We know scams and financial crime are big issues for all Australians, which is why we chose to actively invest in furthering financial education, working closely with our clients in doing so.

“We are committed to seeing as many of our clients as possible making use of these resources. We will continue our collaboration with them to ensure we are delivery what they and their team need to meet the market needs.”

ScamHub will be regularly updated with new materials and resources to stay ahead of emerging scams.

ScamHub is a password protected website, available free to all Indue clients and provides easy-to-use resources that can be shared internally or externally to help prevent scams.

ENDS

Media contact: Clare Mitchell

Phone: 0429 889 556

Email: [email protected]

Featuring data and payments fraud trends for calendar year 2023, the Australian Payment Fraud Report 2024 highlights current trends and allows us to measure the success of existing, and develop further, industry mitigants.

Key findings:

• Payment card fraud rate is up 22 per cent (70.2 cents per $1,000) in calendar year 2023 – the highest rate recorded since 2018.
• Total fraud value increased 32 per cent to $762 million. This increase outpaced the growth in the total value of card transactions, which rose by 8 per cent to $1.1 trillion.
• Card-Not-Present (CNP) fraud accounted for 90 per cent of all card fraud in Australia in 2023.
• CNP fraud grew by 33 per cent to $688 million, on total CNP spending of $320 billion, up 24 per cent on the previous year.
• For the first time since 2017, offshore CNP fraud overtook domestic CNP fraud, with losses in this category increasing by 51 per cent to $362 million. The offshore CNP fraud rate was $10.93 per $1,000 spent, over 10 times higher than the domestic rate of $1.06 per $1,000 spent (down from $1.11 in 2022).

The report also includes data on other fraud types including lost and stolen cards, counterfeit/skimming and cheque fraud.

Source auspaynet.com.au