$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.

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