The Australian Banking Association is pushing back on calls from the competition watchdog, after spending $19 billion to combat fraud in the past 12 months.
the Australian Competition and Consumer Commission said banks and financial firms were in a unique position to identify fraud risk and invest ways to mitigate it by adopting what is known in Britain as “confirmation of payee”.Australian banks have resisted calls for them to conduct mandatory checks and have instead launched the new “Australian Banks: Working to Protect You” campaign, which encourages customers to use PayID.
Wider use of the PayID service, which had been available since February 2018, would help to reduce the $420 million worth of fraud that the ACCC identified year, the banks said.“Critically, it helps to stop scams because unlike a traditional payment, the payer can see a confirmation screen, which includes the intended PayID name, before they confirm the payment,” said ABA chief executive Anna Bligh.
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