The consumer watchdog has called on the major banks to adopt a key measure to prevent scammers from cheating money out of unsuspecting victims.
The consumer watchdog is urging the major banks to adopt a key measure to prevent scammers from cheating money out of unsuspecting victims after Australians lost a record $2 billion to fraudsters last year.
The bank also announced on Monday that it will start using artificial intelligence to track customers’ behaviour, including things like mouse clicks and keystrokes, so they can detect any unusual changes. It is also doubling the size of its scam prevention and protection team. However, Australia’s big four banks have not committed to introducing the measure, and have pointed instead to the New Payments Platform’s PayID initiative which banks argue already blocks those scams from happening. PayID works by linking someone’s bank account to an easy-to-remember piece of information like a mobile number or email address.
“Australian banks are working hard to protect customers against the growing threat of scams and encouraging an increased use of PayID is an important part of this work,” said ABA chief Anna Bligh. CBA’s executive general manager of everyday banking, Kate Crous, said on Monday that the bank prevented or recovered over $100 million scams in 2021.
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.
CBA wants cross-industry code to reduce scam riskWith the ACCC finding scams led to $2 billion in losses last year, banks are keen to ensure they’re not the only ones picking up the bill.
Read more »
The plea of Australians who lost loved ones to COVID-19 amid milestone of 10,000 deathsA family who lost loved ones to the COVID-19 pandemic in Australia is urging against complacency, as the nation crosses the milestone of 10,000 coronavirus deaths.
Read more »
'Precarious position': Tug boats work to stop ship from smashing into cliffs south of SydneyAn operation is underway to prevent a carrier with 21 people on board from crashing into cliffs south of Sydney after the ship lost power and began drifting. Read more here:
Read more »
Australia surpasses 10,000 COVID-19 deathsAustralia has surpassed the grim milestone of 10,000 COVID-19 deaths, as authorities urge people to remain vigilant against the disease. 7NEWS
Read more »
Australia has surpassed 10,000 COVID-19 deathsAustralia has surpassed the grim milestone of 10,000 COVID-19 deaths, as authorities urge people to remain vigilant against the disease. 7NEWS
Read more »
Australia’s COVID border restrictions to be dropped this weekBorder restrictions enforced in response to COVID-19 will be dropped this coming week, with arriving passengers no longer required to declare their vaccination status or obtain a travel exemption. 7NEWS
Read more »