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Australians are now one step closer to having access to another important layer of protection against scammers with the design of the new Confirmation of Payee service now complete. Australian Payments Plus (AP+) and the Australian Banking Association (ABA) announced this important milestone today which, when rolled-out, will enable people paying to an account with… Read more »
Georgie Tunny: Anna Bligh is CEO of the Australian Banking Association. And we’ve heard so many examples of scammers infiltrating customers existing phone message threads from banks. If people can’t trust the bank’s own correspondence, what hope do they have? Anna Bligh: The stories that you’ve run this week have been absolutely heartbreaking. And I hear… Read more »
The Australian Banking Association (ABA) welcomes the Federal Government’s upcoming campaign to further educate the community about elder abuse. ABA CEO Anna Bligh said this was a timely opportunity to further raise awareness and shine the spotlight on financial elder abuse. “Australian banks are deeply conscious of financial elder abuse. They see it playing out every day and have… Read more »
Major disruptions to payments systems as a result of the CrowdStrike outage have not occurred and are not anticipated. Impacts on banks and payments systems have been relatively minor, with any disruptions having already been remedied or in the process of being gradually restored. Banks will continue to monitor for any further impacts to services…. Read more »
Steve Austin: Do consider this scenario, a relative or a friend caring for an older person decides to dip into that person’s accounts to pay for their own holidays or home renovations. And the banking institution can see the money going out of one account into another account. And they want to flag it with the… Read more »
The ABA has today released the findings of a strategic review undertaken by Accenture into the roll-out of Australia’s Consumer Data Right (CDR) regime. The CDR went live to customers of major banks in July 2020, and to customers of other banks in July 2021. Approaching 4 years since its launch, the ABA commissioned Accenture… Read more »
The Australian Banking Association welcomes ASIC’s approval of an updated Banking Code of Practice that will continue to drive better banking outcomes for customers. The updated Code strengthens consumer protections by providing customers with safeguards that are in addition to the law. ABA CEO Anna Bligh said this Code will provide an even higher… Read more »
Australia’s digital banking boom is continuing with payments by mobile wallets surging by 35 per cent in the last year alone, according to a new report released today by the Australian Banking Association. The 2024 ‘Bank On It’ Report shows that in the last year alone customers made $126 billion in payments with their mobile… Read more »
Cathie Schnitzerling: The country’s largest banks, along with the big supermarkets like Coles and Woolworths, Bunnings and Australia Post, have agreed to pay Armaguard $50 million to ensure that cash can get to you and me for the next year. But after that, it’s still not clear whether there will be a sustainable way to… Read more »
Michael Rowland: Let’s get more now on one of the main stories we’re following this morning, that big financial lifeline given to cash transport company Armaguard. It’s been bailed out by the big four banks, Woolworths and Coles, and a number of other major retailers who rely on the service to get their cash. The… Read more »
The ABA, major banks and major retailers have reached an agreement with Armaguard for its Cash-in-Transit business.
Journalist: The question I have is, are these regulations actually necessary, because my understanding is that a lot of banks already disclose this information? Anna Bligh: These changes will mean more consistency for customers. Many banks are already doing a number of these things to make it easier for customers to get information. If these… Read more »
With it being World Elder Abuse Awareness Day, the Australian Banking Association (ABA) is reminding older Australians about how they can better protect themselves from scams, fraud and financial abuse.
Stephen Jones, Assistant Treasurer and Minister for Financial Services: Good morning everybody, how are we going? Good to speak with you. Great to be here this morning, an exciting accountment. As you know the Albanese government has made a priority fighting scammers and ensuring that we can keep Australian’s money safe. From coming into government… Read more »
Scammers are being put on notice with the announcement today of a major expansion in intelligence sharing designed to dismantle scams and better protect Australians.
Banks will this week join a scams delegation to Singapore as part of the industry’s ongoing efforts to take up the fight to scammers and protect customers.
The Australian Banking Association today welcomes the release of new data from the National Anti-Scam Centre (NASC) showing scam losses continue to fall. The latest NASC quarterly report shows overall scam losses reported to Scamwatch in the 2024 March quarter were down by 10.8% compared to the previous quarter. Whilst losses reported to the Australian Financial Crimes Exchange… Read more »
16 May 2024 Patricia Karvelas Before Tuesday’s federal budget, the big four banks were predicting interest rates to start falling before the end of the year. But in response to what they say is expansionary spending, including tax cuts and billions for renewable energy infrastructure, some economists are changing their tune. Treasurer Jim Chalmers has… Read more »
13 May 2024 Richard Glover Hundreds of people gathered in Forbes yesterday, Mother’s Day to walk in memory of young mother Molly Ticehurst allegedly killed by her former partner who was on bail. As you know at the time of the alleged incident 27 women have died as a result of domestic or family violence… Read more »
Sofie Formica ABA CEO Anna Bligh is joining us on the line. Good afternoon, Anna, and thanks for connecting. Anna Bligh Good afternoon Sofie, nice to talk to you again. Sofie Formica You too. So, can you just talk us through this? Let’s start at the beginning. How are banks assessing student debt now when… Read more »