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The Australian banking industry is implementing a series of measures to enhance customer protection against scams, with a focus on a $100 million investment to establish a new Confirmation of Payee (CoP) system.
In addition to the CoP system, the country’s banks are committed to implementing controls and halts on transfers to high-risk cryptocurrency platforms. The initiative also includes the introduction of more warnings, delays, and increased friction in money transfers, especially to new accounts.
As part of the comprehensive package, banks will incorporate at least one biometric check for opening new accounts. The collaborative effort is spearheaded by the Australian Banking Association and Customer Owned Banking Association, receiving support from all of the country’s financial institutions, spanning commercial banks, building societies, credit unions, and mutual banks.
Peter King, Westpac CEO and ABA Chair, emphasized the significance of these measures, stating, “This will be one of the biggest technical uplifts for Australian banking in recent times and means Australians with bank accounts will be significantly more protected from scams. The action plan will help level the playing field and ensure customers are afforded the same protections no matter who they choose to bank with.”
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