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
Regulatory initiatives grid pilot a step in the right direction
Read more
19 December 2024
The Australian Banking Association welcomes the launch today of the Regulatory Initiatives Grid (RIG) pilot as an important step forward in improving transparency of the regulatory pipeline across key Government agencies and regulators. ABA CEO Anna Bligh said better coordination of regulation would provide additional certainty for Australian banks. “Banks recognise that effective regulation is… Read more »
Media Releases
New RBA data shows rapid rise in digital payments
Read more
9 December 2024
New data released today from the Reserve Bank of Australia (RBA), shows Australians continue to embrace the ease of mobile wallets when making payments. For the first time, the RBA’s latest monthly retail payments data includes a snapshot of newer payment technology, showing more than 500 million payments were made via mobile wallets in October,… Read more »
Media Releases
Parliamentary inquiry shines a light on financial abuse
Read more
5 December 2024
The Australian Banking Association acknowledges the release today of the inquiry report into the Financial Services Regulatory Framework in Relation to Financial Abuse. CEO Anna Bligh said the ABA and its member banks acknowledge the important work of the Parliamentary Joint Committee on Corporations and Financial Services to further shine a light on financial abuse…. Read more »