Australia’s customer-owned banks welcome the Scams Prevention Framework, and the sector remains committed to working with the Government and other industries in the war against scammers.
“Many scams originate from interactions on social media, through text messages, or via email. To effectively combat these threats, we must stop them at their origin. That’s why we fully support the Government’s decision to include social media platforms and telecommunication providers in the Scams Prevention Framework,” Customer Owned Banking Association (COBA) CEO Michael Lawrence said.
In November 2023, COBA and the Australian Banking Association (ABA) launched the Scam-Safe Accord. This initiative represents the banking sector’s proactive commitment to anti-scam initiatives, with a comprehensive strategy to disrupt, detect, and respond to scams, providing greater protection to customers. The Scam-Safe Accord includes six priority initiatives designed to share intelligence and enhance banking security for customers through measures to prevent scams and recover stolen funds.
“Customer-owned banks have invested significantly in uplifting their defences to provide greater protections for Australians. We look forward to partnering with the Government and other sectors to further strengthen our collective anti-scam measures through the Scams Prevention Framework,” he said.
In April, the ACCC’s Targeting Scams report revealed a 13.1 per cent decline in reported losses, marking the first time in six years that scam losses decreased in Australia.
“Although we are encouraged by the signs that our industry’s proactive efforts are working, more needs to be done which is why we welcome the proposed extension of obligations and accountability through a single external dispute resolution scheme to other sectors,” Mr Lawrence said.
“While banks are at the end of the chain, these sectors are the channels scammers use to initiate contact with their victims, making a multi-sector approach crucial to effectively disrupt criminal networks,” he added.
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.