Aussie banks join global effort in the ‘war’ against scammers

Australian banks are joining forces with industry to crack down on scam activity and win the “war” against scammers preying on vulnerable and unsuspecting customers.

Assistant Treasurer and Minister for Financial Services Stephen Jones will lead a delegation to Singapore this week to enhance regional cooperation in the fight against scammers.

Jones said he is keen to gather “new insights” to “continue our anti‑scam plan and keep people’s money safe”.

“Anyone with a phone or an internet connection would know that scammers are relentless in their pursuit to steal people’s money,” Jones said.

“We want Australians to keep their money safe, so we are going after these criminals and smashing their scam activity.

“This is a transnational challenge so we are working closely with our partners in New Zealand and Singapore to take the fight up to the scammers.

“I look forward to sharing the strategies that are starting to work here in Australia and bring back new insights to continue our anti‑scam plan and keep people’s money safe.”

The delegation comprises members from the National Anti Scam Centre, the Australian Banking Association, the Australian Financial Crimes Exchange, the Customer Owned Banking Association, and Australian banks. The group will be joined by representatives from the Government of New Zealand and will meet with their Singaporean counterparts and leading business executives focused on preventing scams through shared information initiatives.

Given scammers are constantly evolving their methods, Australian Banking Association Chief Executive Anna Bligh said “winning the war against scammers” would require a global collaboration.

“Scammers are always innovating and finding new ways to steal money. It’s critical government and industry look at the different ways jurisdictions are tackling scams and what more can be done to protect customers,” she said.

“We are making inroads here in Australia with financial losses from scams trending down and fighting scams across international borders is essential to keeping Australians safe.”

The initiative couldn’t be timelier for older Australians, who are disproportionately targeted as victims of scam activities compared to other age groups with those aged over 65 losing over $120 million to scams in 2023.

For those who want to stay one step ahead of scammers and protect their personal information, the National Anti-Scam Centre suggests the following precautionary measures to avoid falling victim to such malicious activity.

STOP – Don’t rush to act. Hang up on anyone requesting you download software or an app over the phone.  Never provide banking information, passwords, or two-factor identification codes over the phone.

THINK – Ask yourself if you really know who you are communicating with? Take the time to call the business you are dealing with using independently sourced contact details or verify the contact through their secure app.

PROTECT – Act quickly if something feels wrong. If you have shared financial information or transferred money, contact your bank immediately. Help others by reporting to Scamwatch

-with AAP.