ABA says more efforts are needed to completely eradicate scams
The Australian Banking Association (ABA) has expressed strong support for the government’s decision to allocate funds aimed at enhancing consumer protection and securing the financial system.
Key initiatives funded in the new budget include $67.5 million dedicated to combating scams and $288.1 million earmarked for the development of digital ID technologies – measures that are intended to bolster privacy protections and enhance the security of personal data.
“This is a budget that focuses on balancing Australia’s near-term risks and investing in addressing our longer-term challenges,” said ABA chief executive Anna Bligh (pictured). “Customer safety is front of mind for banks, and we welcome the significant funding to enforce the forthcoming mandatory industry codes and funding for further public awareness of scams to protect consumers.”
According to the ABA, the budget supports the industry’s Scam Safe Accord, a set of protections designed to shield Australians from scammers. Bligh reported progress in the fight against scams, with financial losses dropping by 13% in 2023.
However, she acknowledged that more efforts are needed and confirmed the banking sector’s ongoing commitment to working alongside the government and other industries to eradicate scams from Australia.
“Further investment for the roll out of digital ID will also be another important layer of protection for Australians when they verify their identity online and will be an additional tool for banks to identify fraud and reduce other cybersecurity risks,” she said.
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