Australia’s banks have joined forces to launch a new tool to prevent fraudulent transactions.
The Australian Banking Association (ABA), whose membership includes 20 of the country’s biggest banks, recently announced the new Fraud Reporting Exchange (FRX) platform.
The new real-time reporting tool will allow banks to quickly report fraudulent payments to stop customers from losing money to scams.
Bank transfers are the most common payment method for scams and the ABA said that FRX would boost the likelihood that funds can be frozen and returned to their customers.
It will also enable banks to share intelligence to assist with loss prevention and streamline the return of funds.
A trial of FRX found that the amount of time to resolve scam cases dropped by more than half.
According to data published in April, Australians lost 3.1 billion Australian dollars (2.07 billion U.S. dollars) to scams in 2022. ■
Australian winery uses new technology to combat wine fraud
A South Australian winery has started trialing a new technology to combat international wine fraud. Grosset Wines, based in the Clare Valley north of Adelaide, have swapped out their usual bottle caps in Australia and [Read More]
Australians urged to beware of new PayID impersonation scam
National Australia Bank (NAB) on Monday urged people who sell unwanted or used items online to watch out for a new PayID impersonation scam, as thousands look to ramp up side hustles or become more [Read More]
