Banks Adopt New Tool In Bid To Crack Down On Scammers

Freezing scams in real time

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Australian banks have revealed a new tool in a bid to prevent customers from losing money to scammers.  

A new reporting system is being implemented by Australian banks to crackdown on fraudulent transactions.

The new platform will allow banks to freeze money being transferred to scammers almost instantaneously.

The Australian Banking Association announced the introduction of the Fraud Reporting Exchange platform which will allow fast reporting of fraudulent payments to other banks.

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In a statement from the Australian Banking Association said the platform will increase “the likelihood that funds can be frozen and returned to customers.”

Banks will also have the ability to stop numerous transactions from the same scam and share the information with other banking institutions.

ABA chief executive Anna Blight told the Guardian that the introduction of the FRX platform is a “major development”.

“It means more and more scammers are going to hit a brick wall and adds to the arsenal of anti-scam initiatives under way,” she said.

Four major banks have adopted the new tool along with 13 others.

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Georgie Marr

16 May 2023

Article by:

Georgie Marr

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