Customer-owned banks welcome the passage of the Scams Prevention Framework Bill 2025, providing better protection for Australians against scams.
“Scams have devastated too many Australian lives. The Scams Prevention Framework Bill 2025 prioritises prevention, disrupting scammers targeting Australians and ultimately preventing scams before they happen,” Customer Owned Banking Association (COBA) CEO Michael Lawrence said.
“We commend the Government and the Opposition for their productive dialogue with stakeholders, resulting in legislation that is robust and promises real protection for Australians against scams,” he added.
Customer-owned banks have been at the forefront of the fight against scams, joining forces with the Australian Banking Association in 2023 to launch the Scam-Safe Accord, an industry-wide approach. COBA’s 54 members, including mutual banks and credit unions serving over 5.4 million Australians, are dedicating substantial resources to bolstering their scam defences.
“This landmark reform broadens the scope of consumer protection by ensuring all relevant industries are required to step up and take action. A multi-sector approach is essential to effectively disrupt criminal networks.” Lawrence said.
According to recent Scamwatch data, scam prevention efforts have seen a 33% drop in scam losses in 2024.
“While Scamwatch data shows promising momentum in Australia’s battle to combat scams, this new legislation will be crucial for building on that progress,” Lawrence 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.