The new Scam-Safe Accord is set to include USD 100 million investment by the industry in a new confirmation-of-payee system. This system will be rolled out across all Australian banks. This name-checking technology is expected to help reduce scams by ensuring customers can confirm they are transferring money to the person they intend to.
An industry-wide confirmation-of-payee solution;
Biometric checks to prevent misuse of bank accounts;
Warning and payment delays to alert customers to potential scam payments;
A major expansion of intelligence sharing across the sector;
Limiting payments to high-risk channels such as cryptocurrency platforms;
Implementing an anti-scams strategy.
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