Protect yourself by using PayID
6 October 2022
Australian banks welcome the Federal Government’s decision to allow Optus to share government identity information compromised in the Optus data breach.
Banks will be able to request and use the information in their ongoing efforts to fight financial crime.
Since the Optus data breach became public, banks have focused on the potential for the data to be used to perpetuate frauds, scams and other illegal activities.
“The whole industry has worked closely with the Australian Government to make today’s regulations possible.”
ABA Chair & CEO Westpac, Peter King
The Federal Government’s action is a timely and valuable measure that will contribute to banks’ efforts.
Banks invest heavily in systems to protect customers and the financial system, including significant investment towards building resilience including against frauds and scams.
Chair of the Australian Banking Association and CEO of Westpac, Peter King said, “The whole industry has worked closely with the Australian Government to make today’s regulations possible.”
He added, “The data-sharing will help us to combat fraud and scams, keep customers safe, and limit the long-term risks presented by the Optus data breach.”
“It’s important that customers remain on the lookout for scammers in the wake of the Optus data breach,” he said.
Bank customers are encouraged to:
- Look out for any suspicious or unexpected activity across your online accounts, including your telco, bank and utilities accounts. Make sure to report any suspicious activity in your bank account immediately to your financial institution;
- Do not click on any links in any email or SMS claiming to be from Optus;
- If someone calls claiming to be from Optus, police, bank or another organisation and offers to help you with the data breach, consider hanging up and contacting the organisation on its official contact details. This can be a scammer calling using your personal information.
- Never click on any links that look suspicious and never provide your passwords, your bank’s one time pins, or any personal or financial information, and.
- If people call posing as a credible organisation and request access to your computer, always say no.
Customers of Optus are encouraged to visit their website for latest updates and advice on replacing identification documents.
Latest news
Media Releases
Release of Strategic Review into roll-out of the Consumer Data Right
Read more
3 July 2024
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 »
Media Releases
Updated rule book for banks
Read more
27 June 2024
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 »
Media Releases
Mobile wallet transactions overtake ATM cash withdrawals in digital banking boom
Read more
27 June 2024
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 »