Customers are confused by banks asking for their personal details over the phone or in emails as consumer protection advice warns against answering.
WA Consumer Protection Commissioner Trish Blake says banks need to get smarter about how they update clients' identification details.
The federal government's anti-money laundering and counter-terrorism laws, introduced in 2016, require banks to update clients' details every two years to make sure they know who they are opening bank accounts for. "If you've got a banking app, go there because they should absolutely have functionality in the app that will allow you to update your ID documents there. If they don't, then go into the branch," she said.
"But at the same instance ... we're required to call 20 clients a week and understand if they need any assistance and make sure their existing banking is working OK for them."Scams and Fraud Japan's earthquake scientists have warned residents of an eventual 'megaquake'. Here's what that meansHere's the medal standings for day 14 of the Olympic GamesCouncil takes away rough sleeper's tent during Homelessness Week
Online Banking Know Your Customer Banking Regulations Consumer Protection Banking App Banking Scams Fraud Trish Blake Wa Commerce Wa News Perth News
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Major banks to cough up millions in refunds to low-income customers following ASIC review7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Banks to refund $28m to low-income customers kept in high-fee accountsThe corporate watchdog found four banks kept at least two million customers in high-fee accounts, even though they were eligible for cheaper products.
Read more »
Banks to refund $28m to low-income customers kept in high-fee accountsThe corporate watchdog found four banks kept at least two million customers in high-fee accounts, even though they were eligible for cheaper products.
Read more »
Banks to refund $28 million to customers on low incomesBanks will refund more than $28 million to customers on low incomes after an ASIC review revealed they were systemically charging high fees to those who could least afford it.
Read more »
Banks to refund excessive account fees for low income customersSome Australian banks are expected to pay-back millions of dollars to customers after a report found avoidable fees and complicated processes were causing financial harm.
Read more »
Telstra fined $1.5m for leaving customers vulnerable to scamsThe communications watchdog found Telstra failed to authenticate customer IDs during 168,000 high-risk interactions such as password resets or SIM card swaps.
Read more »