A new campaign highlighting the extra protections banks offer to shield Australians from scams is being launched today. Led by the Australian Banking Association (ABA), the campaign is part of the industry's Scam-Safe Accord and carries the tagline 'The fight against scams never stops'.

ABA CEO Anna Bligh stated banks have some of the strongest anti-scam protections in the world. They are employing a variety of tactics and tools to protect Australians from scammers, including payment warnings, delays, and blocking transfers to suspicious accounts. As a result, customers may experience more payment delays or warnings when transferring money to new recipients, allowing banks to spot potential scams.

"Scams are a scourge on our society. Every day, too many people are being targeted by scammers who only have one objective and that's to steal money. Whether it is the middle of the day or the middle of the night, banks are deploying cutting-edge technology to identify potential scam activity and stop scammers in their tracks. While we must all remain vigilant to the risks of scams, Australians should have confidence that their bank is working around the clock to keep them safe from scammers," said Bligh.

The Customer Owned Banking Association (COBA) is also involved in the campaign. COO Stephanie Elliott stated that scam prevention and detection are top priorities for the 55 mutual banks and credit unions they represent.

"Scammers are sophisticated criminals operating within a complex network, requiring cross-industry collaboration to disrupt their activities. Australia's ecosystem approach shows promise, with scam losses decreasing for the first time in six years. Customer-owned banks are committed to deploying innovative and collaborative measures to disrupt unscrupulous scammers," said Elliott.

The Scam-Safe Accord includes the development of an industry-wide confirmation of payee capability, currently in the build phase after completing the design phase. The campaign will run for six weeks and will feature advertisements on billboards, TV, radio, and digital channels.