Security News > 2023 > October > How Australia’s Banking Sector Can Embrace Cross-Collaboration to Combat the Scam Epidemic
The ACCC has given the green light for cross-banking collaboration to address scams.
1.5 billion came from investment scams, with remote access scams and payment redirection scams rounding out the top three.
In May, 17 banks announced that, thanks to a collaboration between them, they had been able to halve the time it takes to identify and block payments to scam operators.
Across all of financial services, PwC Australia believes the crux of the problem is simple: Scammers are getting better at their jobs, and ad-hoc approaches to security and fraud prevention won't cut it.
Cross-banking collaboration aims to leverage technology to combat scams.
Addressing Australia's financial services scam epidemic will rely on all levels working in collaboration with regulators, the financial services themselves and consumers.