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Australian banks are set to share their anti-scam knowledge with other nations, joining a scams delegation to Singapore in an effort to bolster customer protections and hit scammers where it hurts.
Assistant Treasurer Stephen Jones will lead the delegation, which will be made up of representatives from the Australian Banking Association (ABA), the National Anti-Scam Centre, Australian banks, the Australian Financial Crimes Exchange, the Customer-Owned Banking Association, and the New Zealand government.
With scams being a crime without physical borders and jurisdiction and Australian banks having some of the best anti-scam knowledge and measures in the world, ABA CEO Anna Bligh said the delegation is an opportunity for Australia to share its knowledge and bolster global efforts against scams.
“Scams are not unique to Australia. This is an issue that many countries across the world and in our region are also grappling with,” Bligh said.
“This is a global problem, and winning the war against scammers will require a global effort.
“We know that highly sophisticated international criminal gangs are behind many scams. That’s why ongoing cross-jurisdictional cooperation and information sharing will be crucial in this ongoing fight against scammers.“
Bligh added that the delegation is an opportunity to demonstrate how effective Australia has been in reducing scams, and “showcasing our industry’s Scam-Safe Accord, which is a set of world-leading protections by banks to shield customers from scammers”.
The Scam-Safe Accord is a proactive initiative developed and led by banks to protect customers from scams. Six initiatives are in the process of being rolled out as part of the accord, which are:
Customer-Owned Banking Association CEO Michael Lawrence said the delegation to Singapore will bolster alliances against the wave of cyber crime and scammers, reiterating that scams and cyber attacks are crimes without borders.
“This trip to Singapore is an important step in strengthening regional alliances against scams, and we’re committed to collaborating across borders to share best practices so we can accelerate our ability to develop cutting-edge anti-scam solutions,” Lawrence said.
“Scams have a ripple effect, harming not only individuals but also the financial wellbeing of their communities. As financial institutions deeply rooted in our communities, customer-owned banks are dedicated to ensuring the safety and security of the customers we serve.
“By working together, we can create a more secure financial environment for everyone and protect our customers from financial harm – regardless of where they live or who they bank with.”
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