Customer-owned banks welcome the Federal Government’s Fighting Scams campaign, which raises awareness about scams and provides Australians with a practical checklist to safeguard themselves: ‘Stop. Check. Protect’.
“Scammers are becoming increasingly sophisticated, so we all need to be alert. Banks are committed to taking steps to protect their customers, and together, we can all take proactive measures to stay safe,” Customer Owned Banking Association (COBA) CEO Michael Lawrence said.
The timely education campaign comes as Parliament considers the Scams Prevention Framework Bill (SPF), which takes an ecosystem approach to combating scams.
“Customer-owned banks are proud to have joined the banking industry’s Scam-Safe Accord in 2023 and remain steadfast in our commitment to invest significant resources in bolstering scam defences. However, it’s crucial to recognise that scams originate outside the banking system – they begin with a deceptive message, a malicious link, or a fraudulent call targeting individuals on their phones, laptops, or social media platforms,” Lawrence explained.
“That’s why we welcome this Bill as it extends the responsibility for protecting consumers to other industries including social media companies, telecommunications providers, and digital platforms. This proactive, multi-pronged approach is essential to combat the complex nature of scams,” he added.
While contact with a scammer can occur for months before a scam victim attempts a bank transaction, banks are often the first to alert customers of potential scams. However, the sophisticated tactics including social engineering used by scammers – often over a long period of time – can make it difficult to convince potential victims they are at risk.
“Our member banks frequently encounter heartbreaking situations where they warn customers that they may be the target of a scammer, only to have those warnings dismissed. This underscores the need for widespread public education about scams. We must equip everyone with the knowledge and tools to recognise these sophisticated tactics,” Lawrence explained.
Deeply rooted in their communities, customer-owned banks are dedicated to educating their customers about financial safety.
For example, BankWAW – serving regional and rural areas on the Victoria/New South Wales border for over 60 years – has run in-person Scams Awareness Events since 2022, often partnering with local community organisations like Rotary, Neighbourhood Watch, schools, and sports clubs.
“Our goal is to empower individuals with scam awareness and the confidence to protect themselves by sharing real-life stories, highlighting common scam tactics, and fostering a sense of collective learning”, BankWAW’s CEO Michael Mack said.
Customer-owned banks are committed to working with the government and other industries to combat scams and protect Australians from financial harm. To find out more about the banking industry’s Scam-Safe Accord, head here.
For further information or to arrange interviews, please contact media@coba.asn.au.
The Customer Owned Banking Association is the industry body for mutual banks, credit unions and building societies. For almost 180 years our sector has put customers first, returning profits to more than 5 million Australians who put their trust in customer-owned banks.