A new report from the National Anti-Scam Centre (NASC) shows scam losses declined in Australia for a second consecutive year, with a 25.9% decrease from 2023.
“Australia is setting a positive example in the fight against scams, defying global trends. However, the fight against scams is far from over. Customer-owned banks remain committed to significantly strengthening their defences to provide greater protections for Australians,” Customer Owned Banking Association (COBA) CEO Michael Lawrence said.
Demonstrating a proactive approach to combating scams, COBA and the Australian Banking Association (ABA) launched the Scam-Safe Accord in November 2023. This initiative outlined a comprehensive strategy to disrupt, detect, and respond to scams.
A key initiative of the Scam-Safe Accord is the banks’ expanded intelligence sharing through the Australian Financial Crimes Exchange (AFCX) and Fraud Reporting Exchange, enabling faster scam account disruption and customer fund recovery.
“The banking industry’s collaborative approach to data and intelligence sharing has helped our sector boost its scam defences, providing even stronger protection for customers,” Lawrence said.
Last month, the Government’s Scams Prevention Framework Bill 2025 passed, which strengthens anti-scam protections by mandating action from all relevant industries.
“The Scams Prevention Framework Bill prioritises prevention, disrupting scammers targeting Australians and ultimately stopping scams before they happen,” Lawrence said.
“We look forward to partnering with the Government and other sectors to further strengthen our collective anti-scam measures through the Scams Prevention Framework Bill and beyond,” Lawrence added.
To find out more about the banking industry’s Scam-Safe Accord, head here.
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.