Advertisement

$100M Invested in Banking Scam Protection

November 24, 2023 9:04 am in by
Credit: seksan Mongkhonkhamsao via Getty Images.

Ahead of an expected influx of scams this Black Friday and Cyber Monday, Australia’s big and small banks are joining forces to launch a major new accord – delivering greater protection for regional bankers.

The new Scam-Safe Accord will involve a range of significant measures, including a $100 million investment to develop a new confirmation of payee system.

Chief Executive of the Australian Banking Association, Anna Bligh, says Central Victorians can be assured their money is safe.

Article continues after this ad
Advertisement

CEO of the Customer Owned Banking Association, Michael Lawrence, says the new measures will help reduce the risk of scams affecting locals.

Advertisement

Keep up to date

Sign up for our newsletter