A group of the major banks, credit unions and mutual banks have committed to the The Scam Safe Accord.
👉 Background: Scams cost Australians $3.1 billion in 2022, which is an 80% increase on the year before. So Australian banks are looking at new ways to combat scammers.
👉 What happened: A group of the major banks, credit unions and mutual banks have committed to the The Scam Safe Accord. They have built a new $100 million confirmation system that forces a sender to confirm that they're transferring money to the right person. That means more warnings and pop ups in people's banking apps.
👉 What else: With more and more people falling victim to scams, the banks are co-operating for this new and more offensive scam strategy.
💡It's not often that banks unite together for a cause. So you know that when they do, it's serious business.
💡According to the ACCC, investment scams and payment redirection scams were two of the most common scams. And, the frequency and sophistication of these scams continues to rise.
💡So, the banks are hoping that this new "Accord" will help reduce the number of scams and help those with bad eye sight who just skip an account number.
Sign up for Flux and join 100,000 members of the Flux family
