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Industry standard against scams under development

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The Australian Banking Association (ABA) and its member banks have received interim authorization from the ACCC to participate in discussions for developing an industry standard against scams that affect individual and small business customers. The ACCC believes that a coordinated response involving government, law enforcement, and the private sector is crucial to effectively combat evolving and sophisticated scams.

This authorization applies to all ABA member banks, including AMP Bank, ANZ, Bank Australia, Bank of Queensland Limited, Bendigo and Adelaide Bank Limited, Citigroup, Commonwealth Bank of Australia, HSBC, ING Bank, J.P. Morgan Australia and New Zealand, Macquarie Bank, MUFG Bank, National Australia Bank, Rabobank Australia, Suncorp Bank, and Westpac.

To ensure transparency and progress, the ABA has reporting conditions in place, which require them to provide regular updates on their discussions and industry initiatives. These initiatives may include customer reimbursements or remedies.

The ACCC’s authorization includes measures to manage the risk of banks coordinating on matters beyond scam prevention and customer redress. It is worth noting that the Federal Government plans to introduce a cross-industry Code for banks, telcos, social media platforms, and others in the near future. The ABA believes that a well-considered bank industry standard can serve as the foundation for this legislated code.

The ACCC’s decision takes into account the public benefits of these actions, which will be further considered in their final decision. For more information and to make a submission, please visit the ACCC’s authorization public register.

Note: ACCC authorizations offer protection from legal action under the Competition and Consumer Act 2010. Interim authorizations allow parties to engage in proposed conduct while the ACCC reviews the substantive application. The ACCC may review interim authorizations based on feedback received.

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