Scam Prevention

When it comes to being scammed, this fraudulent activity impacted 31,700 customers across Australia over the last twenty-four months, costing the country's four big banks a staggering $550 million in losses. A new report published from ASIC stipulates a recommended framework for Defining, Preventing, Detecting, Responding and Reporting incidents from this specific risk source.

published from ASIC stipulates a recommended framework for Defining, Preventing, Detecting, Responding and Reporting incidents from this specific risk source.

ASIC PRESENTATION

The ASIC's Report had many findings some of which included:

▨ Australian banks approach to dealing with fraudulent scams was lacking or as they put it "less mature than expected" and banks had a "narrow approach" to determining how to respond to this risk.

▨ Scam Victims were not always supported by their respective banks.

The ASIC Scam Prevention Recommendations Presentation can be found here [LINK] and the press release can be found here [LINK].

ASIC is calling for all financial institutions to improve their approaches to handling scams ... more work needs to be done

ASIC | Ms Court