Bank of us joins Scam-Safe Accord

Tasmania’s only customer owner bank, Bank of us has welcomed the launch of the new Scam-Safe Accord launched on Friday 24 November 2023.

The Customer Owned Banking Association (COBA) has joined forces with the Australian Banking Association (ABA) as part of a united commitment from the banking industry to tackle scammers and protect customers.

The Scam-Safe Accord outlines key initiatives banks are undertaking to help protect Australian consumers and small businesses based on the principles of disrupt, detect, and respond.

Bank of us CEO, Paul Ranson said: “The initiatives build on the investment we’ve already made in fraud protection. We’ve saved more than $500K in customer funds from fraud in the last 12 months. It doesn’t matter if someone banks with Bank of us or the largest bank in the country, customers can be confident their bank is working hard to protect their money”.

Scam-Safe Accord initiatives

The banking industry will invest in a new confirmation of payee system to reduce fraud and help people know who they are dealing with.

Banks have also committed to introduce new and tighter system protections, including more warnings and payment delays for new payments or increasing payment limits, and comprehensive identification and authentication measures when opening new accounts to help prevent identity fraud.

In addition, the Scam-Safe Accord includes a major expansion of intelligence sharing across the sector so financial institutions can quickly share critical information about scam transactions.

Due to the significant nature of the initiatives, customers can expect to see changes commencing in 2024 and through 2025.

Protecting customers across the whole scam ecosystem

There are many parts to a scam being committed, from how the victim is contacted, to funds being transferred out of a victim’s account. Actions taken by the banking industry alone will only be successful if everyone takes action.

Consumers have a key role to play too. Scamwatch has some tips of red flags to look out for when identifying a scam including:

  • Being offered an “amazing opportunity” to make or save money
  • A message you receive contains links or attachments
  • Being pressured to act quickly
  • Being asked to pay in unusual or specific ways
  • Asking you to set up new accounts or to pay them to use a PayID.

If you notice unusual activity on your account or if a scammer gets your money or information, contact your bank immediately and report it to ReportCyber and Scamwatch.

Contact: Fiona Weller, Communications Specialist, 0421 063 784