Customer-owned banks back government's anti-scam campaign

They emphasise public education and collaboration to combat rising scam threats

Customer-owned banks back government's anti-scam campaign

Customer-owned banks have voiced strong support for the federal government’s Fighting Scams campaign, which aims to raise public awareness about scams and provides Australians with a practical checklist to stay safe: ‘Stop. Check. Protect.’ 

“Scammers are becoming increasingly sophisticated, so we all need to be alert,” said Michael Lawrence (pictured above), chief executive of the Customer Owned Banking Association (COBA). “Banks are committed to taking steps to protect their customers, and together, we can all take proactive measures to stay safe.”

The campaign coincides with Parliament’s review of the Scams Prevention Framework Bill, which proposes a broader, ecosystem-based approach to tackling scams.

“Customer-owned banks are proud to have joined the banking industry’s Scam-Safe Accord in 2023 and remain steadfast in our commitment to investing significant resources in bolstering scam defences,” Lawrence said.

“However, it’s crucial to recognise that scams originate outside the banking system – they begin with a deceptive message, a malicious link, or a fraudulent call targeting individuals on their phones, laptops, or social media platforms.”

Lawrence welcomed the bill’s focus on extending consumer protection responsibilities to industries such as social media companies, telecommunications providers, and digital platforms. “This proactive, multi-pronged approach is essential to combat the complex nature of scams,” he said.

Banks are often the first to alert customers about potential scams, though contact with scammers can occur weeks or even months before victims attempt a bank transaction. According to Lawrence, scammers’ use of sophisticated social engineering tactics – often sustained over long periods – can make it difficult to convince victims they are at risk.

“Our member banks frequently encounter heartbreaking situations where they warn customers that they may be the target of a scammer, only to have those warnings dismissed,” he said. “This underscores the need for widespread public education about scams. We must equip everyone with the knowledge and tools to recognise these sophisticated tactics.”  

As community-focused organisations, customer-owned banks have taken active steps to educate their customers about financial safety. 

For instance, BankWAW, which has served rural and regional areas on the Victoria-New South Wales border for over 60 years, has been hosting in-person scams awareness events since 2022. These events are often run in partnership with local organisations such as Rotary, Neighbourhood Watch, schools, and sports clubs. 

“Our goal is to empower individuals with scam awareness and the confidence to protect themselves by sharing real-life stories, highlighting common scam tactics, and fostering a sense of collective learning,” said Michael Mack, chief executive of BankWAW.

COBA said customer-owned banks remain committed to working alongside the government and other industries to protect Australians from scams and reduce financial harm. 

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