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 – […]
Read More… from Australian banks launch new defence in battle against scammers
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 […]
Read More… from How the Scam-Safe Accord is Making Banking Safer for Australians
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 […]
Read More… from Indue launches ScamHub helping educate everyday Australians on threat of scams
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 […]
May edition […]
The National Anti-Scam Centre’s collaborative efforts across government, law enforcement, consumer organisations and industry have boosted the community’s fight against financial crime, as the latest Targeting Scams report reveals a 13.1 per cent decline in reported losses to $2.74 billion in 2023. The report compiles data reported to Scamwatch, ReportCyber, the Australian Financial Crimes Exchange […]
Read More… from Scam losses decline, but more work to do as Australians lose $2.7 billion
Australian Payments Plus (AP+) has resolved to work with NPP Participants to deliver a Confirmation of Payee service for payments made using BSB and Account numbers. Confirmation of Payee will help reduce certain types of scams that involve misdirection of payment to an account that does not belong to the intended payee as well as […]
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During this Scams Awareness Week, we’re sharing our top tips to combat scams. Following on from Safeguarding older and vulnerable individuals from scams today we bring you the next tip in our series. Tip 2: Protect your data like you protect your wallet! Financial institutions spare no effort in combating fraud and protecting their customers […]
The AusPayNet 2023 Annual Review, ‘A Turning Point’, offers insights into AusPayNet’s important work at a critical time for the banking and payments industry. Some key highlights include: Successful leadership of the first phase of Australia’s ISO 20022 Industry Migration Program Significant progression of work to become an authorised standards-setting body Facilitation of ECF to […]
Read More… from AusPayNet Annual Review 2023: A Turning Point
The Government is releasing its Strategic Plan for the future of Australia’s payments system which sets out its policy objectives and priorities for the payments system. The Strategic Plan was developed through a consultation process in collaboration with regulators, industry, consumer and business representatives. The Strategic Plan provides businesses with certainty and clarity on the […]
Read More… from A Strategic Plan for Australia’s Payments System
